Provident Bank of Maryland staked its claim to Baltimore's moneyed class last week with a planned acquisition of the city's most successful private bank.

Sterling Bank and Trust Co., a $70 million asset bank with a profitable niche in serving high-net-worth individuals, agreed to become a subsidiary of Provident in a $10.6 million stock transaction. Sterling's 100 shareholders will receive 1.5 times book value for their shares in the stock of Provident, which has $ 1.7 billion of assets.

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