BankProv Appoints Two New Members to Executive Leadership Team

Rhea-AI Summary

BankProv has announced the appointment of Janine Jakubauskas as Chief Risk Officer and David Gagnon as Chief Credit Officer. Jakubauskas, who joined in April 2022, will continue to oversee risk and compliance with a focus on business strategies. Gagnon has been with the bank since 2017 and brings extensive industry experience to his new role. Both appointments aim to strengthen BankProv's leadership team and support its strategic growth initiatives. The bank, a subsidiary of Provident Bancorp (NASDAQ: PVBC), offers technology-driven banking solutions and services to niche markets.

Positive

• Jakubauskas' appointment is expected to enhance risk and compliance oversight, aligning it with business strategy.
• Gagnon's extensive industry experience may improve the bank's lending practices and support strategic initiatives.
• The leadership changes aim to bolster the executive team, potentially leading to long-term growth.

Negative

• There may be concerns regarding continuity and experience gaps due to leadership changes.

AMESBURY, Mass., March 8, 2023 /PRNewswire/ -- BankProv, a future-ready commercial bank that offers technology-driven banking solutions to its clients, is pleased to announce that it has recently appointed Janine Jakubauskas to the role of Chief Risk Officer and David Gagnon to the role of Chief Credit Officer.

Jakubauskas joined the Bank in April 2022 as Senior Vice President, Enterprise Risk Officer after holding key roles at the Federal Reserve Bank of New York, HSBC Bank, and most recently Signature Bank. In her new position as Chief Risk Officer, Jakubauskas will continue to oversee the Bank's risk and compliance functions, but with an additional focus on business strategy and opportunities that will help contribute to the company's long-term success.

"I'm excited about BankProv's future and look forward to supporting the evolving needs of the organization and our partners in this additional capacity," said Jakubauskas.

Gagnon joined the Bank in 2017 as the Senior Vice President, Senior Credit Officer after holding key roles at TD Bank and Citizens Bank. He is an industry veteran with extensive knowledge in the Commercial and Industrial (C&I) space with a track record of sound lending and underwriting practices. In his new role as Chief Credit Officer, Gagnon will support the Bank's strategic initiatives.

"I'm thrilled to join BankProv's Executive Leadership team," said Gagnon. "The organization has a long history of supporting the business community and I look forward to maintaining that legacy of providing comprehensive solutions to the customers we serve."

"As we look ahead, we're excited to welcome Janine and Dave to the Executive Leadership Team," said Carol Houle, Co-CEO and CFO of BankProv. "Both bring a strong strategic and analytical approach along with demonstrated industry expertise that will continue to support our growth objectives in a safe and sound manner."

About BankProv

BankProv, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank that offers a comprehensive suite of banking products for corporate clients. The Bank is a premier Banking-as-a-Service (BaaS) provider and specializes in technology-driven banking solutions to niche markets, including private equity, renewable energy, fintech and enterprise value lending. Headquartered in Amesbury, Massachusetts, BankProv is the 10^th oldest bank in the nation. The Bank insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). To learn more about the organization, visit bankprov.com.

Forward-Looking Statements

Certain statements contained herein constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as "may," "will," "would," "intend," "believe," "expect," "plan," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. These statements are based upon the current beliefs and expectations of Company management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors.  Factors that could cause such differences to exist include, but are not limited to: the effects of any pandemic disease, natural disaster, national or international war, act of terrorism, accident, or similar action or event; those related to the real estate and economic environment, including inflation, particularly in the market areas in which the Company operates; fiscal and monetary policies of the U.S. Government; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company's filings with the Securities and Exchange Commission, which are available at the SEC's website, www.sec.gov.

The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above or other factors could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically disclaims any obligation to publicly release the results of any revisions, which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Press Contact: Tricia Peters, Vice President of Marketing 
Phone: 480-253-8376 
Email: tpeters@bankprov.com

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SOURCE BankProv

FAQ

What are the new roles of Janine Jakubauskas and David Gagnon at BankProv?

Janine Jakubauskas has been appointed Chief Risk Officer, while David Gagnon is now the Chief Credit Officer.

When did Janine Jakubauskas join BankProv?

Janine Jakubauskas joined BankProv in April 2022.

What expertise does David Gagnon bring to his role as Chief Credit Officer?

David Gagnon has extensive knowledge in the Commercial and Industrial space and a strong background in lending and underwriting.

How might the leadership changes impact BankProv's strategic initiatives?

The changes aim to enhance the bank's strategic initiatives by leveraging the new executives' expertise and focus on business growth.