Provident Bank Receives National Certification by Consumer Advocates for Safe, Affordable Account

Rhea-AI Summary

Provident Financial Holdings, Inc. announces certification of Teen Checking account by CFE Fund, meeting Bank On National Account Standards. Key features include no monthly service charge, no overdraft fees, and federal deposit insurance. Teen Checking is available in all 13 branches. Bank On certified accounts now available at over 46,000 branches across the country.

Positive

• Teen Checking account certified by CFE Fund, meeting Bank On National Account Standards
• No monthly service charge, no overdraft fees

Negative

• None.

RIVERSIDE, Calif., Sept. 21, 2023 (GLOBE NEWSWIRE) -- Provident Financial Holdings, Inc., NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B. (“Provident Bank”) announced that its Teen Checking account was officially certified by the Cities for Financial Empowerment Fund (“CFE Fund”) as meeting the Bank On National Account Standards (2023 - 2024). The standards, co-created by consumer advocates, leading national nonprofit organizations, civic leaders, and other financial institutions, designate both core and strongly recommended account features that ensure low cost, high functionality, and consumer safety.

Key features of Teen Checking include no monthly service charge, no overdraft or nonsufficient fund fees, a debit card, digital banking, the ability to pay bills and make purchases, and federal deposit insurance. Teen Checking is available in every one of Provident Bank’s 13 branches across the Inland Empire.

“Provident Bank is excited to offer its second certified Bank On account, Teen Checking along with eVantage Checking, to the residents of Riverside and San Bernardino Counties. These accounts ensure we are continually providing low-cost banking solutions for the local communities we have served for over 65 years,” stated Gwen Wertz, Senior Vice President of Retail Banking.

“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Provident Bank’s Teen Checking. Teen Checking offers teens between the ages of 13-19 who are looking to be introduced to the basics of money management a safe, affordable, and truly useful mainstream banking product to access and manage their money. Provident Bank’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”

The goal of Bank On is to ensure that everyone has access to safe and affordable financial products and services. The Bank On National Account Standards identify critical product features for appropriate bank or credit union accounts, making it easier for local coalitions across the country to connect consumers to accounts that meet their needs.

With the addition of Teen Checking, accounts that meet Bank On National Account Standards are now available at over 46,000 branches in all 50 states and Washington, DC; financial institutions with Bank On certified accounts already comprise over 56% of the national deposit market share. In addition to Teen and eVantage Checking, there are close to 400 other Bank On certified accounts available at financial institutions across the country. Data collected by the CFE Fund in partnership with the Federal Reserve Bank of St. Louis through Bank On’s national reporting platform shows that these accounts are meeting consumers’ needs; since their offering, millions of consumers have opened Bank On certified accounts, with approximately 80% of them opened by consumers new to the financial institutions.

The CFE Fund leads the national Bank On movement, supporting almost 100 local coalitions working to connect individuals and families to the financial mainstream through partnerships between governments, financial institutions, and community organizations. To learn more about Bank On and the National Account Standards click here, or follow the conversation on X formerly known as Twitter @CFEfund #BankOn.

About Provident Bank

With over $1.3 billion in total assets, Provident Bank is the largest independent community bank headquartered in Riverside County, California, and has been serving the financial needs of its community since 1956.

About the Cities for Financial Empowerment Fund (CFE Fund)

The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting edge experience with large scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund is currently working in over 100 cities and counties, and has disbursed over $59 million to local governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on X formerly known as Twitter at @CFEFund.

About Bank On

Bank On coalitions are locally-led partnerships between local public officials; city, state, and federal government agencies; financial institutions; and community organizations that work together to help improve the financial stability of unbanked and underbanked individuals and families in their communities. The Bank On national initiative builds on a grassroots movement of almost 100 coalitions in cities across the country, offering National Account Standards, capacity grant support, pilot funding, and a learning community. In addition to connecting unbanked individuals to accounts, Bank On programs raise public awareness, target outreach to the unbanked, and expand access to financial education. Visit www.cfefund.org/bankon for more information, or follow the conversation on X formerly known as Twitter @CFEFund #BankOn.

Safe-Harbor Statement

Certain matters in this News Release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to, among others, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company’s mission and vision. These forward-looking statements are based upon current management expectations, and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide range of factors including, but not limited to, the general business environment, interest rates, the California real estate market, competitive conditions between banks and non-bank financial services providers, regulatory changes, and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2023. 

Contacts:

Craig G. Blunden 
Chairman and 
Chief Executive Officer 

Donavon P. Ternes
President, Chief Operating Officer 
and Chief Financial Officer

(951) 686-6060