PROVIDENT BANCORP, INC. ANNOUNCES IT HAS NO EXPOSURE TO BLOCKFI

Rhea-AI Summary

Provident Bancorp (Nasdaq:PVBC) announced that it has no exposure to BlockFi, the crypto firm that recently filed for bankruptcy. The bank confirmed it has no outstanding loans, investments, deposits, or partnerships with BlockFi. Provident Bancorp is federally regulated, and its deposits are insured through the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). This statement assures shareholders that the bank's financial position remains secure amidst BlockFi's challenges.

Positive

• No direct exposure to BlockFi mitigates financial risk.
• Deposits insured by FDIC and DIF enhance shareholder confidence.

Negative

• None.

AMESBURY, Mass., Nov. 29, 2022 /PRNewswire/ -- Provident Bancorp, Inc. (the "Company") (Nasdaq:PVBC), the holding company for BankProv (the "Bank"), provided an update regarding developments related to crypto firm BlockFi.

The Bank has announced that it has no direct exposure to BlockFi or any of its entities. The Bank has no outstanding loans to, investments in, or deposits from, and has not partnered with, BlockFi, the crypto firm that has filed for bankruptcy protection.

The Bank is a federally regulated institution with deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).

About Provident Bancorp, Inc.

Provident Bancorp, Inc. is a Maryland corporation and the holding company for BankProv. BankProv is a future-ready commercial bank for corporate clients, specializing in offering adaptive and technology-first banking solutions to niche markets. We are committed to offering state-of-the-art APIs (application programming interfaces) for all business clients and BaaS (Bank as a Service) partners. Through our offerings, BankProv insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information, visit bankprov.com.

Contact:	Carol L. Houle
	Executive Vice President and
	Chief Financial Officer
Telephone:	(877) 487-2977

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SOURCE Provident Bancorp, Inc.

FAQ

What is Provident Bancorp's relationship with BlockFi?

Provident Bancorp has no loans, investments, deposits, or partnerships with BlockFi.

When did Provident Bancorp announce its lack of exposure to BlockFi?

Provident Bancorp announced this update on November 29, 2022.

What is the stock ticker for Provident Bancorp?

The stock ticker for Provident Bancorp is PVBC.

How does Provident Bancorp ensure deposit security?

Provident Bancorp's deposits are insured by the FDIC and the Depositors Insurance Fund.