BALTIMORE -- Provident Bankshares Corp. said it had agreed to acquire Consolidated Mortgage Corp. of Philadelphia.
Provident is the parent of Provident Bank of Maryland and Provident Mortgage Corp.
Consolidated, in business since 1986, has five offices in Pennsylvania and New Jersey and originated $258 million in residential mortgage loans in the 12 months through June 30.
The acquisition is expected to be completed in October.
In a related step, Provident Bank's mortgage lending operations will be consolidated in Provident Mortgage Corp.
