Welcome to our dedicated page for Provident Financial Services news (Ticker: PFS), a resource for investors and traders seeking the latest updates and insights on Provident Financial Services stock.
Provident Financial Services, Inc. (NYSE: PFS) is the holding company for Provident Bank, an established community-oriented bank that has been serving customers since 1839. With a strong history of service and stability, Provident Bank has grown its capabilities to rival larger regional and national banks while maintaining a commitment to personal service.
Provident Bank offers a wide range of financial products and services tailored to both individual and commercial customers. This includes personal checking and savings accounts, commercial loans, wealth management, and insurance services. Each account comes with the promise of individual attention from a Provident banker.
The company's operations are primarily concentrated in the financial services industry, offering traditional banking services along with wealth management, insurance agency income, and banking service charges. Provident Bank operates more than 80 branches throughout New Jersey and Pennsylvania, and it also provides services in Queens and Nassau Counties in New York. Customers can access services through telephone and online banking systems.
Provident Bank's recent achievements include a merger agreement with Lakeland Bancorp, Inc., which is expected to enhance the bank's scale, growth opportunities, and profitability. The merger has received regulatory approvals from the Federal Deposit Insurance Corporation, the New Jersey Department of Banking and Insurance, and the Board of Governors of the Federal Reserve System. Upon completion, the combined company will operate under the Provident name. This merger is expected to offer exceptional service to customers by leveraging the complementary strengths of both institutions.
Provident Financial Services reported assets of $14.1 billion as of September 30, 2023, and continues to focus on expanding its product offerings and improving customer service. The company provides fiduciary and wealth management services through its subsidiary, Beacon Trust Company, and insurance services through Provident Protection Plus, Inc.
For investors, Provident Financial Services conducts regular conference calls to discuss financial results and strategic developments. The next conference call is scheduled for January 26, 2024, to discuss the fourth quarter and full year financial results of 2023.
Provident Bank has appointed Leonardo Ramos as Vice President and Community Reinvestment Act (CRA) Officer. In this role, Ramos will oversee the bank's CRA program, focusing on enhancing lending, service, and investment strategies to support affordable housing and economic development initiatives. With over 24 years of experience in financial services, Ramos brings valuable expertise to Provident Bank's compliance team.
Mary Brown, Senior Vice President and Chief Compliance Officer, expressed confidence in Ramos's ability to maintain high regulatory compliance standards as the bank grows. Ramos's previous roles include Senior Vice President, Sales Manager at Columbia Bank and Vice President, Community Development Sales Manager at Santander Bank. He holds a Bachelor of Science in Business Administration from Lee University and an MBA from Rutgers Business School.
Provident Financial Services, Inc. (NYSE:PFS) reported a net loss of $11.5 million for Q2 2024, influenced by significant merger-related costs from its merger with Lakeland Bancorp, Inc. completed on May 16, 2024. The merger added $10.91 billion in total assets, $7.91 billion in loans, and $8.62 billion in deposits.
Key impacts on earnings include an initial CECL provision for credit losses of $65.2 million and other merger transaction costs totaling $18.9 million. Despite these expenses, net interest income rose to $141.5 million, driven by the acquired assets.
The company saw improvements in its net interest margin to 3.21% and a significant increase in loans and deposits. Non-performing loans decreased, while wealth management and insurance agency income rose by 12.3% and 16.7%, respectively. However, total non-interest expenses grew substantially due to merger costs and increased compensation expenses.
The Board declared a quarterly cash dividend of $0.24 per share, payable on August 30, 2024.
Provident Bank has appointed Vik Venkataraman as Senior Relationship Manager to lead its expansion in the middle-market healthcare services sector. Venkataraman brings over 20 years of experience in healthcare entrepreneurship, sales leadership, and business strategy. He previously worked for PNC Financial Services Group in senior healthcare banking roles, focusing on building new businesses and healthcare product strategies. His expertise is expected to drive Provident Bank's growth in the healthcare market by leveraging his extensive network and knowledge. Venkataraman is a Certified Medical Practice Executive (CMPE) and holds a BA in computer science and economics from Rutgers University, along with certificates from Wharton School at the University of Pennsylvania.
Provident Financial Services (NYSE: PFS) has scheduled the release of its second-quarter financial results for the period ending June 30, 2024, on July 25, 2024, after market close. The results will be available on the company's website. An investor conference call will be held on July 26, 2024, at 10:00 a.m. (ET) to discuss the financial results. The call can be accessed via North America Toll-Free or International Toll lines, with a replay available until August 9, 2024. Provident Financial Services, the holding company for Provident Bank, reported assets of $14.1 billion as of March 31, 2024. The bank operates branches in New Jersey, Pennsylvania, and New York, and provides wealth management and insurance services through its subsidiaries.
Provident Financial Services (NYSE: PFS) has successfully merged with Lakeland Bancorp, completing the union of their banking operations. Lakeland shareholders are entitled to 0.8319 shares of Provident for each share held, with cash for fractional shares. Post-merger, Provident shareholders hold 58% and Lakeland shareholders 42% of the combined entity.
The merged company boasts assets of $24.5 billion, $18.8 billion in loans, $18.6 billion in deposits, and $2.3 billion in equity. It operates 140 branches across NJ, NY, and PA. The new organization aims to leverage its expanded network and diversified services, including commercial real estate, residential mortgages, asset-based lending, and equipment leasing, along with wealth management and insurance subsidiaries.
The combined leadership team includes executives from both banks, emphasizing the shared vision and commitment to customers and communities. The operational systems will remain separate until a scheduled conversion in September 2024.
Provident Financial Services, Inc. completed a $225 million subordinated notes offering to meet regulatory conditions related to the Lakeland Bancorp, Inc. merger, with the merger expected to close on May 15, 2024. The net proceeds will be invested in the Bank, serving as Tier 1 and Tier 2 capital.
Provident Financial Services, Inc. announced the pricing and upsizing of a subordinated notes offering totaling $225 million. The Notes will bear interest at 9.00% initially, with a fixed-to-floating rate structure. The purpose is to satisfy regulatory conditions related to a merger with Lakeland Bancorp, Inc.
Provident Financial Services, Inc. announced the launch of a subordinated notes offering to raise $200 million in a registered public offering due 2034. The purpose is to qualify as Tier 2 capital for regulatory purposes, following a merger with Lakeland Bancorp, Inc. The net proceeds will be invested in the Bank for general corporate purposes, such as debt repayment. Piper Sandler & Keefe, Bruyette & Woods are the joint book-running managers for the offering.
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