Provident

Provident Financial Services, Inc. Receives FDIC and New Jersey Department of Banking and Insurance Approvals for its Merger with Lakeland Bancorp, Inc.

Retrieved on: 
Monday, March 25, 2024
Organization, Tier 2, Growth, Provident Bank, Insurance, FDIC, Financial services, Provident, Federal Reserve, OAK, Federal Deposit Insurance Corporation, PFS, Calendar, Security (finance)

Upon completion of the merger, the combined company will operate under the Provident name and will benefit from enhanced scale, and opportunities for growth and profitability.

Key Points: 
  • Upon completion of the merger, the combined company will operate under the Provident name and will benefit from enhanced scale, and opportunities for growth and profitability.
  • The regulatory approvals contain certain conditions and commitments, including that Provident complete a $200 million capital raise prior to completion of the merger.
  • Provident intends to satisfy this condition by raising $200 million of Tier 2 qualifying subordinated debt prior to completing the merger.
  • In connection with these approvals, Provident and Lakeland expect to agree that the combined board of directors will consist of nine directors from Provident and five directors from Lakeland.

Provident Financial Services, Inc. Receives FDIC and New Jersey Department of Banking and Insurance Approvals for its Merger with Lakeland Bancorp, Inc.

Retrieved on: 
Monday, March 25, 2024
Organization, Tier 2, Growth, Provident Bank, Insurance, FDIC, Financial services, Provident, Federal Reserve, OAK, Federal Deposit Insurance Corporation, PFS, Calendar, Security (finance)

Upon completion of the merger, the combined company will operate under the Provident name and will benefit from enhanced scale, and opportunities for growth and profitability.

Key Points: 
  • Upon completion of the merger, the combined company will operate under the Provident name and will benefit from enhanced scale, and opportunities for growth and profitability.
  • The regulatory approvals contain certain conditions and commitments, including that Provident complete a $200 million capital raise prior to completion of the merger.
  • Provident intends to satisfy this condition by raising $200 million of Tier 2 qualifying subordinated debt prior to completing the merger.
  • In connection with these approvals, Provident and Lakeland expect to agree that the combined board of directors will consist of nine directors from Provident and five directors from Lakeland.

KBRA Assigns Ratings to Provident Financial Services, Inc.

Retrieved on: 
Monday, March 25, 2024
Banking, Professional Services, Insurance, Finance, BBB, Provident Bank, Risk, NCO, ESG, Tenant, Provident, CRE, Acquisition, Capital, KBRA, Outlook, NIM, PFS, Telescopic sight

KBRA assigns a senior unsecured debt rating of BBB+, a subordinated debt rating of BBB, and a short-term debt rating of K2 to Iselin, New Jersey-based Provident Financial Services, Inc. (NYSE: PFS) ("Provident" or "the company").

Key Points: 
  • KBRA assigns a senior unsecured debt rating of BBB+, a subordinated debt rating of BBB, and a short-term debt rating of K2 to Iselin, New Jersey-based Provident Financial Services, Inc. (NYSE: PFS) ("Provident" or "the company").
  • In addition, KBRA assigns deposit and senior unsecured debt ratings of A-, a subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 to its main subsidiary, Provident Bank.
  • Provident’s ratings are supported by its well-executed banking model that has been implemented by an experienced management team, which has produced favorable long-term performance through various economic and interest rate cycles.
  • Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com .

Provident Healthcare Partners Advises SouthernMED Pediatrics and Sweetgrass Pediatrics in a Partnership with U.S. Pediatric Partners

Retrieved on: 
Thursday, April 4, 2024
Professional, Sweet grass, Organization, Sager, Entrepreneurship, CFO, Partnership, Provident, Heart, Pediatrics, Nursing

BOSTON and NEW YORK, April 4, 2024 /PRNewswire/ -- Provident Healthcare Partners ("Provident"), a leading healthcare investment banking firm, announced it has advised SouthernMED Pediatrics ("SouthernMED") and Sweetgrass Pediatrics ("Sweetgrass") in a partnership with U.S. Pediatric Partners.

Key Points: 
  • BOSTON and NEW YORK, April 4, 2024 /PRNewswire/ -- Provident Healthcare Partners ("Provident"), a leading healthcare investment banking firm, announced it has advised SouthernMED Pediatrics ("SouthernMED") and Sweetgrass Pediatrics ("Sweetgrass") in a partnership with U.S. Pediatric Partners.
  • SouthernMED and Sweetgrass are two of the leading pediatric primary care providers in South Carolina and combined, one of the largest pediatric primary care platforms across the country.
  • Husch Blackwell served as legal counsel to Sweetgrass and SouthernMED, and Goodwin served as legal counsel to U.S. Pediatric Partners.
  • We highly recommend the Provident Healthcare Partners team," stated Dr. Colleen Boylston, Founder and Clinical Manager of Sweetgrass.

Provident Welcomes Tom Mathew, First Vice President, Deputy Compliance Officer

Retrieved on: 
Wednesday, February 14, 2024
Senior, Provident Bank, Risk management, Digital, University, Business administration, HSBC Bank, Insurance, Provident

ISELIN, N.J., Feb. 14, 2024 (GLOBE NEWSWIRE) -- Provident Bank , a leading New Jersey-based financial institution, recently welcomed Tom Mathew as First Vice President, Deputy Compliance Officer.

Key Points: 
  • ISELIN, N.J., Feb. 14, 2024 (GLOBE NEWSWIRE) -- Provident Bank , a leading New Jersey-based financial institution, recently welcomed Tom Mathew as First Vice President, Deputy Compliance Officer.
  • In addition, Mr. Mathew serves as Deputy Compliance Officer for Provident’s insurance subsidiary, Provident Protection Plus, and as Chief Compliance Officer for Beacon Trust, Provident’s wealth management subsidiary.
  • In addition, he evaluates compliance risk to develop risk-based compliance testing of existing procedures and controls to identify, detect, and correct non-compliance.
  • “I am delighted to welcome Tom to this important role,” said Mary Brown, Senior Vice President, Chief Compliance Officer.

Lakeland Bancorp Announces Quarterly and Year-End 2023 Earnings

Retrieved on: 
Thursday, January 25, 2024
FDIC, Provident, 1st Constitution Bancorp, Insurance, Ratio, Signature Bank, Sale, Investment, Acquisition, Movement, EPS, OAK, Provident Financial

I want to thank all of the Lakeland associates for their incredible contributions and unwavering customer support during this uncertain period."

Key Points: 
  • I want to thank all of the Lakeland associates for their incredible contributions and unwavering customer support during this uncertain period."
  • Net interest income for the fourth quarter of 2023 of $65.3 million decreased $16.3 million compared to the fourth quarter of 2022.
  • Gain on equity securities increased from $11,000 in fourth quarter 2022 to $391,000 in fourth quarter 2023.
  • Lakeland Bancorp remains above regulatory “well capitalized” standards, with a Tier 1 leverage ratio of 9.27% at December 31, 2023.

FREIT Announces Fourth Quarter Fiscal 2023 Results

Retrieved on: 
Monday, January 29, 2024
The Wall Street Journal, The Twelve Months, Provident, Provident Bank, Real estate investment trust, GAAP, National Association, Fiscal year, Funds from operations, REIT, NOI, NAREIT, FFO

The Maryland Properties sold in the prior year's comparable period were excluded from same property results for all periods presented.

Key Points: 
  • The Maryland Properties sold in the prior year's comparable period were excluded from same property results for all periods presented.
  • Same property NOI for the residential properties increased modestly to approximately $2,837,000 and $10,975,000 for the fiscal quarter and twelve months ended October 31, 2023, respectively, from approximately $2,744,000 and $10,665,000 for the prior year's comparable periods, respectively.
  • On October 4, 2023, the Board of Directors of FREIT declared a fourth quarter dividend of $0.05 per share on the common stock to holders of record of said shares at the close of business on December 1, 2023.
  • FREIT computes FFO and AFFO as follows:
    For the Fiscal Quarter Ended October 31,
    For the Twelve Months Ended October 31,

Provident Bancorp, Inc. Appoints Dennis Pollack to Board of Directors

Retrieved on: 
Friday, January 26, 2024
Loan, Columbia Business School, Provident, Sony, Seton Hall University, Commerce, Bank, Economics, Savings bank, Sony Corporation of America, Security (finance)

PORTSMOUTH, N.H., Jan. 26, 2024 /PRNewswire/ -- Provident Bancorp, Inc. (NASDAQ: PVBC) is pleased to announce the appointment of Dennis Pollack to its Board of Directors as well as to the Board of Directors of its operating subsidiary, BankProv , a future-ready commercial bank that offers technology-driven banking solutions to its clients.

Key Points: 
  • PORTSMOUTH, N.H., Jan. 26, 2024 /PRNewswire/ -- Provident Bancorp, Inc. (NASDAQ: PVBC) is pleased to announce the appointment of Dennis Pollack to its Board of Directors as well as to the Board of Directors of its operating subsidiary, BankProv , a future-ready commercial bank that offers technology-driven banking solutions to its clients.
  • Mr. Pollack brings a wealth of experience to the role, having served in various executive positions, including most recently as President and CEO of Prudential Bank in Philadelphia, PA.
    "We are thrilled to welcome Dennis Pollack to the boards of Provident and BankProv.
  • Dennis Pollack's extensive background includes executive roles at Sony Corporation of America, the Connecticut Bank of Commerce, the Savings Bank of Rockland County, and Paulson & Company.
  • in Economics from Seton Hall University, an M.B.A. from Columbia Business School, and a post-M.B.A.

Provident LLC Announces Promotion of Agata Bacia to Inside Sales Representative

Retrieved on: 
Monday, January 15, 2024
Family, Kraków University of Economics, Communication, Travel, Provident, Skiing, Sales

APPLETON, Wis., Jan. 15, 2024 /PRNewswire-PRWeb/ -- Provident, LLC, a leading manufacturer and distributor of press room products including Doctor Blades, End Seals, and Cleaning Chemistries, is thrilled to announce the immediate promotion of Agata Bacia to Inside Sales Representative.

Key Points: 
  • Provident, LLC, a leading manufacturer and distributor of press room products including Doctor Blades, End Seals, and Cleaning Chemistries, is thrilled to announce the immediate promotion of Agata Bacia to Inside Sales Representative.
  • APPLETON, Wis., Jan. 15, 2024 /PRNewswire-PRWeb/ -- Provident, LLC, a leading manufacturer and distributor of press room products including Doctor Blades, End Seals, and Cleaning Chemistries, is thrilled to announce the immediate promotion of Agata Bacia to Inside Sales Representative.
  • Agata Bacia joined Provident in March 2022 as a customer service representative, providing exceptional support to both the production team and customers.
  • Over the past two years, she has closely observed and worked with the sales team, contributing to the success of Provident.

Provident Financial Services, Inc. and Lakeland Bancorp, Inc. Extend Merger Agreement

Retrieved on: 
Wednesday, December 20, 2023
Provident, Growth, OAK, PFS, Provident Bank, Financial services

ISELIN, N.J. and OAK RIDGE, N.J., Dec. 20, 2023 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (“Provident”), the parent company of Provident Bank, and Lakeland Bancorp, Inc. (Nasdaq: LBAI) (“Lakeland”), the parent company of Lakeland Bank, today announced that the two companies have agreed to extend their merger agreement to March 31, 2024, to provide additional time to obtain the required regulatory approvals.

Key Points: 
  • ISELIN, N.J. and OAK RIDGE, N.J., Dec. 20, 2023 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (“Provident”), the parent company of Provident Bank, and Lakeland Bancorp, Inc. (Nasdaq: LBAI) (“Lakeland”), the parent company of Lakeland Bank, today announced that the two companies have agreed to extend their merger agreement to March 31, 2024, to provide additional time to obtain the required regulatory approvals.
  • Both parties remain committed to the merger and to obtaining regulatory approvals.
  • When completed, the combined company will operate under the Provident name and will benefit from enhanced scale, opportunities for growth and profitability, and Provident’s and Lakeland’s complementary strengths will provide exceptional service to customers and communities served.