Provident Bank

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 .

FREIT Announces First Quarter 2024 Results

Retrieved on: 
Monday, March 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

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.

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 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.

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.

National Survey by Provident Bank Finds Businesses Expect Economy to Improve in 2024 Despite Inflation

Retrieved on: 
Thursday, December 14, 2023
Crime, Optimism, Climate change, Public expenditure, Provident Bank

ISELIN, N.J., Dec. 14, 2023 (GLOBE NEWSWIRE) -- Provident Bank , a leading New Jersey-based financial institution, has released the results of its 2024 Economic Outlook Survey.

Key Points: 
  • ISELIN, N.J., Dec. 14, 2023 (GLOBE NEWSWIRE) -- Provident Bank , a leading New Jersey-based financial institution, has released the results of its 2024 Economic Outlook Survey.
  • The survey was conducted by Pollfish, a market research provider, on behalf of Provident Bank.
  • The outlook for both the U.S. economy and respondents’ businesses is positive, with 71% expecting their businesses’ overall outlook to improve and 62% expecting the overall U.S. economy to improve in 2024.
  • “I’m pleased to see the positive sentiments reflected in our annual economic outlook survey,” said Anthony Labozzetta, President & CEO, Provident Bank.

Beacon Trust Named One of America's Top RIA Firms by Forbes in Combination with SHOOK Research

Retrieved on: 
Wednesday, November 15, 2023
Provident Bank, Insurance, Telephone, Trust, Research, RIA, Financial adviser

MORRISTOWN, N.J., Nov. 15, 2023 (GLOBE NEWSWIRE) -- Beacon Trust , a full-service wealth management firm, announced it has been named on the Forbes ranking of America's Top RIA Firms , developed by SHOOK Research .

Key Points: 
  • MORRISTOWN, N.J., Nov. 15, 2023 (GLOBE NEWSWIRE) -- Beacon Trust , a full-service wealth management firm, announced it has been named on the Forbes ranking of America's Top RIA Firms , developed by SHOOK Research .
  • The list of top registered investment advisory (RIA) firms is based on an independent national survey conducted by SHOOK Research, including qualitative and quantitative factors, compliance records, revenue produced, and telephone and in-person interviews.
  • "I am thrilled that the Forbes ranking of America's Top RIA Firms has recognized Beacon Trust, which is truly a testament to our commitment to excellence in wealth management," said Valerie Murray, president of Beacon Trust and chief wealth management officer of Provident Bank.
  • Beacon Trust provides a comprehensive offering of services, including investment advisory, financial planning, tax compliance and planning, trust and estate administration, as well as banking and insurance services through Provident Bank , the parent company of Beacon Trust.