Provident Bankshares said Wednesday that its shareholders had rejected a proposal by activist investor Jerry Shearer to sell the company.

The company did not release the margin of the vote against the proposal by Mr. Shearer, of Columbia, S.C. Audited results will not be available until May 5.

Peter M. Martin, the chairman and chief executive officer of the $4.9 billion-asset banking company, thanked shareholders for their support and pledged to continue management's efforts "to increase the value" of the company. Provident shares fell 84.375 cents, to $27.0625. - Louis Whiteman

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.