Provident Bank of New Jersey

Last updated
Provident Bank
Company typePublic
NYSE:  PFS
S&P 600 Component
IndustryFinance, Banking
FoundedFebruary 27, 1839;185 years ago (1839-02-27)
Headquarters,
Key people
Christopher (Chris) Martin, Executive Chairman
Anthony (Tony) Labozzetta, President & CEO of Provident Bank
Thomas (Tom) Lyons, SEVP & CFO
John Kuntz, SEVP & General Counsel
Services Financial services
US$167.9 million (2021)
Total assets US$13.8 billion (2021)
Parent Provident Financial Services, Inc
Subsidiaries Beacon Trust, Tirschwell & Loewy, Provident Protection Plus Company
Website https://www.provident.bank/
The Old Beehive Building, 239 Washington St, Jersey City The old beehive 239 Wash St JC jeh.jpg
The Old Beehive Building, 239 Washington St, Jersey City

Provident Financial Services, Inc. is the holding company for Provident Bank. Established in 1839, Provident Bank provides financial services for businesses, individuals and families in New Jersey, New York, and eastern Pennsylvania. The bank offers a broad array of deposit, loan, and investment products as well as trust, fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company.

Contents

Provident Bank is currently the third largest bank headquartered in New Jersey by deposit market share and the oldest community bank in New Jersey. [1]

Corporate history

The Provident Institution for Savings was originally chartered by the State of New Jersey in 1839, becoming the first mutual savings bank in the history of the state. [2] [3] The first President was John F. Ellis from 1839 to 1841. [4] Co-founder Dudley S. Gregory became President in 1841 and held the job until his retirement in 1874. [2] Due to the general public mistrust of banks resulting from the Panic of 1837, it did not accept its first deposit of $227 until October 16, 1843. [2] The Provident was run out of a room in Jersey City's Temperance Hall until moving to the office of Treasurer Peter Bentley in 1846. [4] By 1875, Provident had assets of $3.5 million. [2]

A run on the bank occurred on May 12, 1882 following the attempted suicide of Edmund W. Kingsland, the bank's Treasurer, in his office. [5] The run on the bank ceased when an independent audit proved all accounts were in order. [6] Kingsland survived the suicide attempt. [7]

In 1989, The Provident Savings Bank celebrated its 150th anniversary.

Acquisition of The First National Bank of Dunellen

In 1978, Provident acquired the First National Bank of Dunellen. This was a pioneering move. No one had ever heard of a savings bank buying out a commercial bank. When the deal was complete, however, Provident had increased its assets by $20 million and added two new branch offices – Dunellen and Green Brook. [8]

Merger with Bloomfield Savings Bank

Controlled growth solidified Provident’s status as a stalwart financial institution. A landmark event in the history of both Provident and its neighboring competitor Bloomfield Savings Institution was marked in 1983 when they announced a merger that would create a billion-dollar plus bank.[ citation needed ]

Team Capital

In 2014, Provident merged with Team Capital. [1]

SB One Bank acquisition

In March 2020, Provident announced its intention to acquire SB One Bank (formerly Sussex Bank) for $208.9 million. [9] The deal closed on July 31, 2020. [10]

Lakeland Bank acquisition

In September 2022, Provident announced that they agreed to acquire Lakeland Bancorp, Inc.(Nasdaq :  LBAI), bank holding company for Lakeland Bank, based in Oak Ridge, New Jersey, for approximately $1.3 billion. [11] The deal closed in the first quarter of 2024. The go-live date for the conversion of Lakeland Bank into Provident was scheduled for September 3, 2024, after Labor Day weekend.

See also

Related Research Articles

Washington Federal Bank is an American bank based in Seattle, Washington. It operates over 200 branches throughout Washington, Oregon, Idaho, Nevada, Utah, Arizona, New Mexico, California, and Texas.

<span class="mw-page-title-main">M&T Bank</span> American bank

M&T Bank Corporation is an American bank holding company headquartered in Buffalo, New York. It operates 1,000+ branches in 12 states across the Eastern United States, from Maine to Central Virginia. Until May 1998, the bank's holding company was named First Empire State Corporation.

<span class="mw-page-title-main">PNC Financial Services</span> Major bank based in Pittsburgh

The PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 27 states and the District of Columbia, with 2,629 branches and 9,523 ATMs. PNC Bank is on the list of largest banks in the United States by assets and is one of the largest banks by number of branches, deposits, and number of ATMs.

<span class="mw-page-title-main">National City Corp.</span> American bank and part of National City Corp

National City Corporation was a regional bank holding company based in Cleveland, Ohio, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also served customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. The bank reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years, the company was commonly known in the media by the abbreviated NatCity, with its investment banking arm even bearing the official name NatCity Investments.

TD Banknorth, formerly Banknorth, was a wholly owned subsidiary of the Toronto-Dominion Bank which conducted banking and insurance activities, primarily serving the northeastern area of the United States, headquartered in Portland, Maine. The bank became TD Bank, N.A. on May 31, 2008.

<span class="mw-page-title-main">National Bank of Detroit</span> Defunct American commercial bank

The National Bank of Detroit (NBD), later renamed NBD Bank, was a bank that operated mostly in the Midwestern United States. Following its merger with First National Bank of Chicago, the bank was ultimately acquired and merged into Bank One, at which point the NBD name was discontinued. Today, what was once NBD is owned by JPMorgan Chase & Co.

1st Constitution Bancorp was a bank holding company based in Cranbury, New Jersey that operated 1st Constitution Bank until its acquisition by Lakeland Bancorp, Inc.

<span class="mw-page-title-main">Flagstar Bank</span> American bank

Flagstar Bank is an American commercial bank headquartered in Troy, Michigan. A wholly owned subsidiary of New York Community Bank, Flagstar is one of the largest residential mortgage servicers in the United States, and was among the largest banks in the United States prior to its acquisition in 2022.

Valley National Bancorp, doing business as Valley Bank, is a regional bank holding company headquartered in Morristown, New Jersey, with approximately $64 billion in assets. Its principal subsidiary, Valley National Bank, currently operates over 230 branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois. Valley Bank is one of the largest commercial banks headquartered in New Jersey.

<span class="mw-page-title-main">New York Community Bank</span> US Bank

New York Community Bancorp, Inc. (NYCB), headquartered in Hicksville, New York, is a bank holding company for Flagstar Bank. In 2023, the bank operated 395 branches in New York, Michigan, New Jersey, Ohio, Florida, Arizona and Wisconsin. Branches used to be operated under the names Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Arizona and Florida. However, they rebranded all of these under the Flagstar name on February 21, 2024. NYCB is on the list of largest banks in the United States and is one of the largest lenders in the New York City metro area.

<span class="mw-page-title-main">WSFS Bank</span> American financial services corporation

WSFS Financial Corporation is a financial services company. Its primary subsidiary, WSFS Bank, a federal savings bank, is the largest and longest-standing locally managed bank and trust company headquartered in Delaware and the Greater Delaware Valley. WSFS operates from 114 offices, 88 of which are banking offices, located in Pennsylvania (57), Delaware (39), New Jersey (14), Florida (2), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management.

<span class="mw-page-title-main">People's United Financial</span> American banking company

People's United Financial, Inc., was an American bank holding company that owned People's United Bank. The bank operated 403 branches in Connecticut, southeastern New York State, Massachusetts, Vermont, Maine, and New Hampshire. It was the second-largest full-service bank in New England, one of the largest in the northeast, and the 46th-largest in the United States.

Hudson City Bancorp, Inc., based in Paramus, in the U.S. state of New Jersey, was a bank-holding company for Hudson City Savings Bank, its only subsidiary, then the largest savings bank in New Jersey and one of the oldest banks in the United States, with US$50 billion in assets. It is now a fully publicly held entity and a member S&P 500 stock market Index. In 2005, its US$3.93 billion secondary offering of common stock was the largest in United States banking history. At the time, it was also the seventh largest domestic public offering in United States history The bank avoided the excesses of the housing boom and was labeled "best bank of 2007" by Forbes. M&T Bank agreed to acquire Hudson City on August 27, 2012.

<span class="mw-page-title-main">Dime Savings Bank of New York</span> Former bank in Brooklyn, New York (1859–2002)

The Dime Savings Bank of New York, originally the Dime Savings Bank of Brooklyn, was a bank headquartered in Brooklyn, New York City. It operated from 1859 to 2002.

Investors Bank was a publicly traded, full-service bank that was based in Short Hills, New Jersey, USA. The bank operated over 150 branches across New Jersey and New York.

Sterling Bancorp was an American regional bank holding company that owned Sterling National Bank. It merged into Webster Bank in February 2022.

National Westminster Bank USA, commonly known as NatWest USA, was a wholly owned subsidiary of National Westminster Bank in the United Kingdom from 1983 to 1996. Formed as the National Bank of North America in 1905, the U.S. retail banking operation was sold to Fleet Financial Group in 1996.

<span class="mw-page-title-main">TCF Financial Corporation</span> Former American financial services company

TCF Financial Corporation, an acronym for Twin City Federal, was a bank holding company based in Detroit, Michigan. Its operating subsidiary, TCF Bank, operated 478 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Ohio, and South Dakota. It also operated specialty lending and leasing businesses in all 50 states, Canada, New Zealand, and Australia. TCF was acquired by Huntington Bancshares in June 2021.

OceanFirst Bank is an American regional bank subsidiary of the U.S. financial services holding company OceanFirst Financial Corp founded and headquartered in Ocean County, New Jersey, with operations throughout New Jersey, and in the major metropolitan markets of Philadelphia, New York City, Baltimore, and Boston.

<span class="mw-page-title-main">The Savings Bank</span> State-chartered mutual bank headquartered in Wakefield, Massachusetts

The Savings Bank is a state-chartered mutual bank, headquartered in Wakefield, Massachusetts and founded in 1869. It is one of the oldest banks in the United States. The Savings Bank has over $780 million in assets, and 9 branches, serving residents of Wakefield, Lynnfield, Andover, Methuen, North Reading, and surrounding cities and towns. It is a wholly owned subsidiary of Wakefield Bancorp, MHC.

References

  1. 1 2 Steven Rodas (2014-06-03). "Oldest NJ community bank merges with Pennsylvania-based Team Capital". NJ.com. Retrieved 2016-08-21.
  2. 1 2 3 4 Doherty, Joan (1986). Hudson County: The Left Bank. Northridge, California: Windsor Publications, Inc. pp. 138–139.
  3. Joseph R. Vena (6 February 2014). "Provident Bank's 175th anniversary continues its legacy as Jersey City's hometown bank". NJ.com. Retrieved 2016-08-21.
  4. 1 2 "The Provident Savings Institution of Jersey City". Jersey City: Then and Now. New Jersey City University. 2007. Retrieved March 25, 2010.
  5. "Run on a Savings Bank; Attempted Suicide of a Bank Officer in Jersey City" (PDF). The New York Times . May 13, 1882. Retrieved March 25, 2010.
  6. "THE XKW YORK WORLD, TUESDAY, MAY 16, 1882" (PDF). Fultonhistory.com. Retrieved 2016-08-21.
  7. "RootsWeb's WorldConnect Project: ROBERT SMART". Wc.rootsweb.ancestry.com. 2016-08-10. Retrieved 2016-08-21.
  8. "The First National Bank of Dunellen in city_name, state_name - Location". Bankencyclopedia.com. 1977-12-30. Retrieved 2016-08-21.
  9. Obernauer, Eric (2020-03-12). "SB One Bank to be acquired by Provident". New Jersey Herald. Archived from the original on 2020-03-13.
  10. "Provident Financial Services, Inc. Completes Merger with SB One Bancorp". 3 August 2020.
  11. "Provident Financial Services, Inc. And Lakeland Bancorp, Inc. To Combine To Create New Jersey's Premier Super-Community Banking Franchise". 27 September 2022.