Provident Bank

Provident Financial Services, Inc. Announces Pricing and Upsizing of Subordinated Notes Offering

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星期四, 五月 9, 2024
PFS, Sale, Prospectus, Offering, Federal Home Loan Banks, Security (finance), Bank, Keefe, Bruyette & Woods, Financial services, Provident Bank

ISELIN, N.J., May 09, 2024 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the “Company”), the holding company for Provident Bank (the “Bank”), today announced the pricing of its offering of $225 million of its 9.00% fixed-to-floating rate subordinated notes due 2034 (the “Notes”) in a registered public offering (the “Offering”).

Key Points: 
  • ISELIN, N.J., May 09, 2024 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the “Company”), the holding company for Provident Bank (the “Bank”), today announced the pricing of its offering of $225 million of its 9.00% fixed-to-floating rate subordinated notes due 2034 (the “Notes”) in a registered public offering (the “Offering”).
  • Based upon the pricing and market demand for the Notes, the Company elected to increase the aggregate principal amount of the Notes to $225 million from the previously announced amount of $200 million.
  • The Company expects to close the Offering, subject to the satisfaction of customary closing conditions, on or about May 13, 2024.
  • Piper Sandler & Co. and Keefe, Bruyette & Woods, A Stifel Company are acting as joint book-running managers for the Offering.

Provident Financial Services, Inc. Announces Launch of Subordinated Notes Offering

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星期四, 五月 9, 2024
PFS, Sale, Prospectus, Offering, Federal Home Loan Banks, Security (finance), Bank, Keefe, Bruyette & Woods, Financial services, Provident Bank, Note

ISELIN, N.J., May 09, 2024 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the “Company”), the holding company for Provident Bank (the “Bank”), today announced that it intends to offer, subject to market and other conditions, $200 million aggregate principal amount of subordinated notes due 2034 (the “Notes”) in a registered public offering, (the “Offering”).

Key Points: 
  • ISELIN, N.J., May 09, 2024 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the “Company”), the holding company for Provident Bank (the “Bank”), today announced that it intends to offer, subject to market and other conditions, $200 million aggregate principal amount of subordinated notes due 2034 (the “Notes”) in a registered public offering, (the “Offering”).
  • The Company intends to invest all of the net proceeds from the Offering in the Bank.
  • Piper Sandler & Co. and Keefe, Bruyette & Woods, A Stifel Company are acting as joint book-running managers for the Offering.
  • 333-275213) and a preliminary prospectus supplement with the SEC for the Offering to which this press release relates.

Provident Bank Donates Original Bank Ledgers Dating Back to 1839 to the Jersey City Free Public Library

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星期二, 四月 23, 2024
FVP, Organization, Library, Record, Jersey City, New Jersey, Provident Bank, History, Casino

ISELIN, N.J., April 23, 2024 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution, proudly announces the donation of its original bank ledgers to the Jersey City Free Public Library.

Key Points: 
  • ISELIN, N.J., April 23, 2024 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution, proudly announces the donation of its original bank ledgers to the Jersey City Free Public Library.
  • Provident Bank was established in 1839 in a one-room office in Jersey City, and it holds the distinction of being the oldest New Jersey-based bank.
  • "The Jersey City Free Public Library is pleased to accept this donation and continue our ongoing relationship with Provident Bank, which dates back to the origins of the Library," said John Beekman, chief librarian for the Jersey City Free Public Library.
  • This donation to the Jersey City Free Public Library reflects Provident Bank's commitment to preserving and sharing its history with the residents of Jersey City.

Provident Financial Services, Inc. Receives Federal Reserve Board Approval for its Merger with Lakeland Bancorp, Inc.

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星期四, 四月 11, 2024
PFS, Federal Reserve, OAK, Federal Deposit Insurance Corporation, Federal Reserve Bank, Tier 2, Federal, Provident, Financial services, Calendar, Provident Bank, Security (finance)

ISELIN, N.J. and OAK RIDGE, N.J, April 11, 2024 (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 receipt of regulatory approval from the Board of Governors of the Federal Reserve System (the “Federal Reserve”) for Provident and Lakeland to complete their previously announced merger.

Key Points: 
  • ISELIN, N.J. and OAK RIDGE, N.J, April 11, 2024 (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 receipt of regulatory approval from the Board of Governors of the Federal Reserve System (the “Federal Reserve”) for Provident and Lakeland to complete their previously announced merger.
  • With this approval, no further regulatory approvals are required to complete the merger.
  • Consistent with the approval of the Federal Deposit Insurance Corporation for the merger, the Federal Reserve approval is subject to a commitment by Provident to issue $200 million of Tier 2 qualifying subordinated debt prior to or concurrently with the completion of the merger.
  • The merger is expected to be completed in the second calendar quarter, subject to the completion of the subordinated debt issuance and satisfaction of customary closing conditions.

Provident Financial Services, Inc. Schedules First Quarter Earnings Conference Call

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星期四, 四月 11, 2024
Insurance, Bank, Provident Bank

The call will also be archived on the Company’s website for a period of one year.

Key Points: 
  • The call will also be archived on the Company’s website for a period of one year.
  • Provident Financial Services, Inc. is the holding company for Provident Bank.
  • The Bank currently operates a network of full-service branches throughout northern and central New Jersey, eastern Pennsylvania, and Queens and Nassau Counties, New York.
  • The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc.

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

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星期一, 三月 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: 
星期一, 三月 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.

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星期一, 三月 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 .

FREIT Announces First Quarter 2024 Results

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星期一, 三月 18, 2024
Real estate investment trust, Provident Bank, NOI, REIT, NAREIT, GAAP, National Association, FFO, Funds from operations, Fiscal year, Security (finance)

NOI for the commercial properties decreased to approximately $654,000 for the fiscal quarter ended January 31, 2024 from approximately $1,007,000 for the prior year's comparable period.

Key Points: 
  • NOI for the commercial properties decreased to approximately $654,000 for the fiscal quarter ended January 31, 2024 from approximately $1,007,000 for the prior year's comparable period.
  • On January 11, 2024, FREIT used cash on hand to fully repay the $7.5 million loan on its residential property located in Rockaway, New Jersey.
  • The Board of Directors of FREIT declared a first quarter dividend of $0.05 on the common stock to holders of record of the shares at the close of business on March 1, 2024.
  • FREIT computes FFO and AFFO as follows:
    For the Fiscal Quarter Ended January 31,

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

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星期三, 二月 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.