Exhibit 99.1

FOR IMMEDIATE RELEASE April 23, 2003

Baltimore, Maryland

MERCANTILE BANKSHARES REPORTS FIRST QUARTER RESULTS

Edward J. Kelly, III, Chairman, President and Chief Executive Officer of Mercantile Bankshares Corporation (Nasdaq: MRBK), today reported that, for the quarter ended March 31, 2003, diluted net income per share was $.71, an increase of 7.6% over the $.66 reported for the first quarter last year. Net income for the quarter ended March 31, 2003 was $48,986,000, a 6.1% increase over net income of $46,175,000 for the same period in 2002. Weighted average shares outstanding decreased from 70,427,000 for the quarter ended March 31, 2002, to 69,190,000 for the quarter ended March 31, 2003.

Mr. Kelly stated: “We posted another solid performance in the first quarter notwithstanding the persistence of difficult economic and political conditions. I am particularly pleased that our credit quality has held up so well in this environment and that we have been able to achieve steady growth in loans, deposits and earnings.”

Net interest income for the quarter ended March 31, 2003 increased 3.7% to $111,126,000 from $107,188,000 for the first quarter last year. The growth in net interest income was attributable to 6.2% growth in average loans and 12.8% growth in average securities. The net interest margin increased 2 basis points (bp) to 4.57% from the 4.55% reported in the fourth quarter 2002. The improvement in the net interest margin from the fourth quarter 2002 is attributable to a shift in the mix of earning assets achieved through growth in the loan and securities portfolios and a reduction in low-yielding federal funds sold. On a year-over-year basis, however, the net interest margin declined by 15 bp.

At March 31, 2003, nonperforming assets decreased $6,054,000 from December 31, 2002, to $27,449,000 or .37% of period-end loans and other real estate owned. The comparable nonperforming asset ratios were .46% and .74%, at December 31, 2002 and March 31, 2002, respectively.

(continued)

Page 2 of 9

MERCANTILE BANKSHARES CORPORATION

The level of “monitored” loans, or loans with characteristics suggesting that they could be classified as nonperforming in the near future, increased by $10,067,000 during the quarter. At March 31, 2003, monitored loans were $34,917,000 compared to $24,850,000 at December 31, 2002. The increase is attributable to one longstanding commercial loan customer at the lead bank. The customer, which is involved in the construction equipment business, has two asset-based loans totaling approximately $11,800,000. The largest component of monitored loans continues to be the two commercial aircraft-related loans added to this category during the fourth quarter of 2002. These two loans are performing and current with a balance of approximately $19,800,000 at March 31, 2003, but remain in the monitored category because of continuing pressure on the airline industry overall. The amount of loans past due 30-89 days improved from $104,162,000 at December 31, 2002 to $54,899,000 at March 31, 2003.

The allowance for loan losses was $140,427,000 at March 31, 2003, representing 1.89% of total loans. The allowance for loan losses to total loans was 1.90% and 2.07%, at December 31, 2002 and March 31, 2002, respectively. Net charge-offs for the quarter ended March 31, 2003 were $1,190,000, which resulted in an annualized ratio of net charge-offs to period-end loans of .06%. The comparable figures for the quarters ended December 31 and March 31, 2002, were $2,921,000 and .16%, and $1,041,000 and .06%, respectively.

Noninterest income increased 8.7% to $37,853,000 for the first quarter 2003 from $34,839,000 for the comparable period in 2002. Excluding $815,000 in investment securities gains realized in the first quarter of 2003 in connection with an ongoing repositioning of the securities portfolio, the growth rate in noninterest income was 6.3% year-over-year. Investment and wealth management revenues increased 5.1% to $17,365,000 for the quarter ended March 31, 2003, and benefitted from the inclusion of Boyd Watterson Asset Management LLC, which affiliated with Mercantile on March 1, 2003. Mortgage banking revenues declined 24.8% due to lower volumes in commercial mortgage loan originations and the outsourcing of the retail origination business. Other income for the first quarter of 2003 reflected income from bank-owned life insurance of $429,000 and lower write-downs of investments in third-party equity funds. Such write-downs were $103,000 and $898,000 for the first quarters of 2003 and 2002, respectively.

Noninterest expenses for the quarter ended March 31, 2003, increased 5.4% to $69,781,000 from $66,191,000 for the first quarter of 2002 and were flat compared to fourth quarter 2002. The principal contributors to the year-over-year increase in expenses were salaries, due to the reorganization of the Investment and Wealth Management business, and higher incentive compensation expenses. Employee benefits expenses increased due to rising pension costs, but were offset partially by a $500,000 rebate due to favorable experience in medical claims expense. The decrease in stock-based compensation expense was due to declines in the value of the deferred compensation plan for directors, which fluctuates with the value of Mercantile’s stock.

(continued)

Page 3 of 9

MERCANTILE BANKSHARES CORPORATION

The efficiency ratio, a key measure of expense management, was 46.7% for the first quarter of 2003 versus 46.2% for the comparable period in 2002. Return on average assets for the first quarter of 2003 was 1.89%, return on average tangible equity was 16.72% and the ratio of average tangible equity to average assets was 11.41%. The comparable figures for the first quarter of 2002 were 1.92%, 16.64% and 11.64%, respectively.

At March 31, 2003, total assets increased 10.3% to $11,018,621,000 and total loans increased 7.3% to $7,446,553,000 from March 31, 2002. Total deposits at March 31, 2003, increased 13.4% to $8,495,483,000 and shareholders’ equity increased 8.6% to $1,352,294,000, from a year earlier. The Corporation repurchased 5,500 shares during the first quarter of 2003 and has existing authorizations to repurchase up to 1.5 million additional shares.

Cautionary Statement

This release contains forward-looking statements within the meaning of and pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. A forward-looking statement encompasses any estimate, prediction, opinion or statement of belief contained in this release, and the underlying management assumptions. Forward-looking statements are based on current expectations and assessments of potential developments affecting market conditions, interest rates and other economic conditions, and results may ultimately vary from the statements made in this release.

Earnings Conference Call

Mercantile CEO Edward J. Kelly, III and CFO Terry Troupe will review first quarter 2003 earnings in a conference call and audio webcast on Wednesday, April 23, 2003 at 10:00 a.m. EDT.

To participate in the call, please dial 1-888-889-5345 ten minutes prior to the start of the call and ask to be connected to the Mercantile Bankshares conference call. A Webcast of the conference call will also be available on the Internet at www.mercantile.com, Investor Relations, Shareholder News.

The conference call will be available for replay until May 23, 2003 at www.mercantile.com, Investor Relations, Shareholder News.

Additional financial information is attached.

Contact:

David E. Borowy

Investor Relations

410-347-8361

David.Borowy@Mercantile.net

Page 4 of 9

MERCANTILE BANKSHARES CORPORATION

CONSOLIDATED FINANCIAL SUMMARY

(In thousands, except per share data)

	For the Three Months Ended March 31,
	2003			2002			% Incr. (Decr.)
OPERATING RESULTS
Net interest income	$	111,126		$	107,188		3.7	%
Net interest income—taxable equivalent		112,674			108,695		3.7
Provision for loan losses		3,016			3,083		(2.2	)
Net income		48,986			46,175		6.1
PER COMMON SHARE DATA
Basic net income	$	.71		$	.66		7.6	%
Diluted net income		.71			.66		7.6
Dividends paid		.30			.28		7.1
Book value at period end		19.62			17.82		10.1
Market value at period end		33.94			43.26		(21.5	)
Market range:
High		40.47			45.36		(10.8	)
Low		30.16			41.80		(27.8	)
AVERAGE BALANCE SHEET DATA
Total loans	$	7,359,645		$	6,930,031		6.2	%
Total earning assets		9,993,233			9,335,300		7.0
Total assets		10,524,209			9,774,987		7.7
Total deposits		8,069,338			7,239,470		11.5
Shareholders' equity		1,295,340			1,228,388		5.5
STATISTICS AND RATIOS (Net income annualized)
Return on average assets		1.89	%		1.92	%
Return on average equity		15.34			15.24
Return on average tangible equity		16.72			16.64
Average equity to average assets		12.31			12.57
Average tangible equity to average tangible assets		11.41			11.64
Net interest rate spread—taxable equivalent		4.11			4.06
Net interest margin on earning assets—taxable equivalent		4.57			4.72
Efficiency ratio		46.65			46.23
Bank offices		185			187		(2	)
Employees		2,939			2,936		3
CREDIT QUALITY DATA AT PERIOD END
Net charge-offs	$	1,190		$	1,041		14.3	%
Nonaccrual loans		27,255			51,380		(47.0	)
Renegotiated loans		—			—		—
Total nonperforming loans		27,255			51,380		(47.0	)
Other real estate owned, net		194			179		8.4
Total nonperforming assets		27,449			51,559		(46.8	)
CREDIT QUALITY RATIOS
Provision for loan losses (annualized) as a percent of period-end loans		.16	%		.18	%
Net charge-offs (annualized) as a percent of period-end loans		.06			.06
Nonperforming loans as a percent of period-end loans		.37			.74
Allowance for loan losses as a percent of period-end loans		1.89			2.07
Allowance for loan losses as a percent of nonperforming loans		515.23			279.30
Other real estate owned as a percent of period-end loans and other real estate owned		—			—
Nonperforming assets as a percent of period-end loans and other real estate owned		.37			.74

In view of the changing conditions in the national economy, the effect of actions taken by regulatory authorities and normal seasonal factors, the results for the interim period are not necessarily indicative of annual performance.

Page 5 of 9

MERCANTILE BANKSHARES CORPORATION

STATEMENT OF CONSOLIDATED INCOME

(In thousands, except per share data)

	For the Three Months Ended March 31,
						Increase (Decrease)
	2003		2002			Amount			%
INTEREST INCOME
Interest and fees on loans	$	110,992	$	116,698		$	(5,706	)	(4.9	)%
Interest and dividends on investment securities:
Taxable interest income		21,195		24,343			(3,148	)	(12.9	)
Tax-exempt interest income		467		480			(13	)	(2.7	)
Dividends		229		283			(54	)	(19.1	)
Other investment income		6,553		2,993			3,560		118.9
		28,444		28,099			345		1.2
Other interest income		726		1,665			(939	)	(56.4	)
Total interest income		140,162		146,462			(6,300	)	(4.3	)
INTEREST EXPENSE
Interest on deposits		25,129		33,134			(8,005	)	(24.2	)
Interest on short-term borrowings		1,545		3,312			(1,767	)	(53.4	)
Interest on long-term debt		2,362		2,828			(466	)	(16.5	)
Total interest expense		29,036		39,274			(10,238	)	(26.1	)
NET INTEREST INCOME		111,126		107,188			3,938		3.7
Provision for loan losses		3,016		3,083			(67	)	(2.2	)
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES		108,110		104,105			4,005		3.8
NONINTEREST INCOME
Investment and wealth management		17,365		16,527			838		5.1
Service charges on deposit accounts		8,060		7,463			597		8.0
Mortgage banking related fees		2,388		3,174			(786	)	(24.8	)
Investment securities gains and (losses)		815		(2	)		817		—
Other income		9,225		7,677			1,548		20.2
Total noninterest income		37,853		34,839			3,014		8.7
NONINTEREST EXPENSES
Salaries		33,638		31,646			1,992		6.3
Employee benefits		9,428		8,531			897		10.5
Stock-based compensation expense		102		403			(301	)	(74.7	)
Net occupancy expense of bank premises		4,096		3,905			191		4.9
Furniture and equipment expenses		6,799		6,432			367		5.7
Communications and supplies		3,436		3,256			180		5.5
Other expenses		12,282		12,018			264		2.2
Total noninterest expenses		69,781		66,191			3,590		5.4
Income before income taxes		76,182		72,753			3,429		4.7
Applicable income taxes		27,196		26,578			618		2.3
NET INCOME	$	48,986	$	46,175		$	2,811		6.1
Weighted average shares outstanding		68,769		69,822			(1,053	)	(1.5	)
Adjusted weighted average shares outstanding		69,190		70,427			(1,237	)	(1.8	)
NET INCOME PER COMMON SHARE:
Basic	$	.71	$	.66		$	.05		7.6
Diluted	$	.71	$	.66		$	.05		7.6

Page 6 of 9

MERCANTILE BANKSHARES CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

	March 31,
							Increase/(Decrease)
	2003			2002			Amount			%
ASSETS
Cash and due from banks	$	307,404		$	229,046		$	78,358		34.2	%
Interest-bearing deposits in other banks		358			358			—		—
Investment securities:
Available-for-sale at fair value
U.S. Treasury and government agencies		1,811,628			2,042,875			(231,247	)	(11.3	)
States and political subdivisions		576			666			(90	)	(13.5	)
Other investments		829,772			216,262			613,510		283.7
Held-to-maturity
States and political subdivisions—fair value of $41,040 (2003) and $39,847 (2002)		38,231			38,550			(319	)	(0.8	)
Other investments—fair value of $15,687 (2003) and $15,054 (2002)		15,687			15,054			633		4.2
Total investment securities		2,695,894			2,313,407			382,487		16.5
Federal funds sold		245,513			217,746			27,767		12.8
Loans held-for-sale		—			42,583			(42,583	)	(100.0	)
Loans		7,446,553			6,941,615			504,938		7.3
Less: allowance for loan losses		(140,427	)		(143,505	)		(3,078	)	(2.1	)
Loans, net		7,306,126			6,798,110			508,016		7.5
Bank premises and equipment, net		103,847			100,897			2,950		2.9
Other real estate owned, net		194			179			15		8.4
Goodwill, net		115,407			102,705			12,702		12.4
Other intangible assets, net		17,740			8,945			8,795		98.3
Other assets		226,138			174,365			51,773		29.7
Total assets	$	11,018,621		$	9,988,341		$	1,030,280		10.3
LIABILITIES
Deposits:
Noninterest-bearing deposits	$	2,121,444		$	1,850,927		$	270,517		14.6
Interest-bearing deposits		6,374,039			5,640,738			733,301		13.0
Total deposits		8,495,483			7,491,665			1,003,818		13.4
Short-term borrowings		768,476			849,095			(80,619	)	(9.5	)
Accrued expenses and other liabilities		111,792			132,838			(21,046	)	(15.8	)
Long-term debt		290,576			269,201			21,375		7.9
Total liabilities		9,666,327			8,742,799			923,528		10.6
SHAREHOLDERS' EQUITY
Preferred stock, no par value; authorized 2,000,000 shares; issued and outstanding—  None
Common stock, $2 par value; authorized 130,000,000 shares		137,839			139,782			(1,943	)	(1.4	)
Capital surplus		124,029			162,721			(38,692	)	(23.8	)
Retained earnings		1,038,143			931,147			106,996		11.5
Accumulated other comprehensive income (loss)		52,283			11,892			40,391		339.6
Total shareholders' equity		1,352,294			1,245,542			106,752		8.6
Total liabilities and shareholders' equity	$	11,018,621		$	9,988,341		$	1,030,280		10.3
Actual shares outstanding		68,919			69,891			(972	)	(1.4	)
Book value per common share	$	19.62		$	17.82		$	1.80		10.1

Page 7 of 9

MERCANTILE BANKSHARES CORPORATION

CONSOLIDATED AVERAGE BALANCE SHEETS

(In thousands)

	For the Three Months Ended March 31,
	2003					2002
Earning assets     Loans:	Average Balance			Yield*/ Rate		Average Balance			Yield*/ Rate
Commercial	$	4,449,636		6.02	%	$	4,204,530		6.72	%
Construction		823,547		5.61			670,636		6.32
Residential real estate		1,077,721		6.89			1,071,028		7.56
Consumer		1,008,741		6.61			983,837		7.34
Total loans		7,359,645		6.18			6,930,031		6.90
Federal funds sold, et al		56,500		5.19			120,257		5.60
Securities:**
Taxable securities
U.S. Treasury securities		1,241,058		4.26			1,515,836		4.80
U.S. Agency securities		686,987		4.82			502,687		5.17
Other stocks and bonds		609,891		4.53			227,092		5.91
Tax-exempt securities
States and political subdivisions		38,794		8.07			39,040		8.24
Total securities		2,576,730		4.53			2,284,655		5.05
Interest-bearing deposits in other banks		358		3.89			357		4.59
Total earning assets		9,993,233		5.75			9,335,300		6.43
Cash and due from banks		225,975					215,065
Bank premises and equipment, net		103,706					101,520
Other assets		341,538					266,286
Less: allowance for loan losses		(140,243	)				(143,184	)
Total assets	$	10,524,209				$	9,774,987
Interest-bearing liabilities
Deposits:
Savings	$	1,029,033		.54		$	909,849		.97
Checking plus interest accounts		953,243		.24			834,903		.36
Money market		1,185,071		.90			1,003,517		1.45
Time deposits $100,000 and over		1,223,688		2.64			1,000,156		3.67
Other time deposits		1,716,941		2.98			1,783,770		4.00
Total interest-bearing deposits		6,107,976		1.67			5,532,195		2.43
Short-term borrowings		779,200		.80			909,217		1.48
Long-term debt		275,838		3.47			283,333		4.05
Total interest-bearing funds		7,163,014		1.64			6,724,745		2.37
Noninterest-bearing deposits		1,961,362					1,707,275
Other liabilities and accrued expenses		104,493					114,579
Total liabilities		9,228,869					8,546,599
Shareholders' equity		1,295,340					1,228,388
Total liabilities & shareholders' equity	$	10,524,209				$	9,774,987
Net interest rate spread				4.11	%				4.06	%
Effect of noninterest-bearing funds				.46					.66
Net interest margin on earning assets				4.57	%				4.72	%

*    Presented on a tax-equivalent basis using the statutory federal corporate income tax rate of 35%.

**  Balances reported at amortized cost; excludes pretax unrealized gains (losses) on securities available-for-sale.

Page 8 of 9

MERCANTILE BANKSHARES CORPORATION

SUPPLEMENTAL LOAN INFORMATION BY QUARTER

(In thousands)

	1Q 03		4Q 02		1Q 02
PERIOD-END LOANS BY TYPE
Commercial, Industrial and Agricultural Loans	$	2,295,443	$	2,300,956	$	2,196,212
Commercial and Agricultural Real Estate Loans		2,107,887		2,016,307		1,859,148
Construction and Land Development Loans		850,420		810,985		677,274
1-4 Family Residential Loans (Excludes H/E Lines)		1,087,207		1,066,694		1,088,752
Consumer Loans (Excludes H/E Lines)		764,673		775,673		779,848
Home Equity Lines		246,964		239,232		201,725
Lease financing		93,959		102,180		138,656
TOTAL LOANS AT END OF PERIOD	$	7,446,553	$	7,312,027	$	6,941,615
NONPERFORMING LOANS BY TYPE
Commercial, Industrial and Agricultural Loans	$	15,260	$	15,938	$	25,571
Commercial and Agricultural Real Estate Loans		4,733		9,322		11,228
Construction and Land Development Loans		1,383		1,365		1,913
1-4 Family Residential Loans (Excludes H/E Lines)		2,967		2,479		2,982
Consumer Loans (Excludes H/E Lines)		200		156		205
Home Equity Lines		34		105		78
Lease financing		2,678		4,006		9,403
TOTAL NONPERFORMING LOANS AT END OF PERIOD	$	27,255	$	33,371	$	51,380
LOANS PAST DUE 30-89 DAYS BY TYPE
Commercial, Industrial and Agricultural Loans	$	17,390	$	53,590	$	48,846
Commercial and Agricultural Real Estate Loans		10,727		13,921		36,696
Construction and Land Development Loans		788		7,322		6,651
1-4 Family Residential Loans (Excludes H/E Lines)		17,364		17,972		17,816
Consumer Loans (Excludes H/E Lines)		4,399		5,592		5,902
Home Equity Lines		882		956		1,662
Lease financing		3,349		4,809		2,516
TOTAL LOANS PAST DUE 30-89 DAYS	$	54,899	$	104,162	$	120,089
CHARGE-OFFS BY LOAN TYPE
Commercial, Industrial and Agricultural Loans	$	106	$	2,297	$	661
Commercial and Agricultural Real Estate Loans		341		45		169
Construction and Land Development Loans		—		—		—
1-4 Family Residential Loans (Excludes H/E Lines)		—		134		34
Consumer Loans (Excludes H/E Lines)		832		1,042		748
Home Equity Lines		19		30		—
Lease financing		641		—		—
TOTAL CHARGE-OFFS	$	1,939	$	3,548	$	1,612
RECOVERIES BY LOAN TYPE
Commercial, Industrial and Agricultural Loans	$	204	$	166	$	98
Commercial and Agricultural Real Estate Loans		18		6		35
Construction and Land Development Loans		135		78		6
1-4 Family Residential Loans (Excludes H/E Lines)		4		51		26
Consumer Loans (Excludes H/E Lines)		355		325		405
Home Equity Lines		33		1		1
Lease financing		—		—		—
TOTAL RECOVERIES	$	749	$	627	$	571

Page 9 of 9

MERCANTILE BANKSHARES CORPORATION

SUPPLEMENTAL FINANCIAL INFORMATION BY QUARTER

	1Q 03		4Q 02		1Q 02
INVESTMENT AND WEALTH MANAGEMENT ASSET DATA (End of Period)	(Dollars in millions)
Personal
Assets with Investment Responsibility	$	7,110	$	6,829	$	7,782
Assets with no Investment Responsibility		2,043		2,134		2,688
Total Personal		9,153		8,963		10,470
Institutional
Assets with Investment Responsibility		11,827		8,495		6,790
Assets with no Investment Responsibility		18,015		18,335		20,885
Total Institutional		29,842		26,830		27,675
Mutual Funds Not Included Above		112		236
Personal & Institutional Combined
Assets with Investment Responsibility		19,049		15,560		14,572
Assets with no Investment Responsibility		20,058		20,469		23,573
Total Assets Under Administration	$	39,107	$	36,029	$	38,145
OTHER INTANGIBLE ASSETS INFORMATION	(Dollars in thousands)
EOP Deposit Intangibles, Net	$	6,899	$	7,265	$	8,499
EOP Mortgage Servicing Rights, Net		201		261		423
EOP Other Intangible Assets, Net		10,640		4		23
EOP Total Other Intangible Assets, Net	$	17,740	$	7,530	$	8,945
Amortization of Deposit Intangibles	$	366	$	366	$	448
Amortization of Mortgage Servicing Rights		60		39		59
Amortization of Other Intangible Assets		134		6		6
Total Amortization of Other Intangible Assets	$	560	$	411	$	513
PRINCIPAL BALANCE OF LOANS SERVICED FOR OTHERS	(Dollars in thousands)
EOP 1-4 Family Residential Mortgages (owned)	$	228,151	$	236,509	$	315,442
EOP Commercial Mortgages (owned)		1,766,276		1,712,700		1,652,498
EOP Commercial Mortgages (not owned)		3,798,155		3,765,658		3,696,322
EOP Total Principal Balance of Loans Serviced For Others	$	5,792,582	$	5,714,867	$	5,664,262