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PROVIDENT BANCORP : The Provident Speaks at One of the Largest Medical Tradeshows in Brazil

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06/14/2018 | 01:19 pm

(GlobeNewswire) - When The Provident decided to attend Hospitalar, one of the largest medical tradeshows in Brazil, its goal was to meet U.S. medical manufacturers and understand their export financing needs. What Provident Bank President and Chief Lending Officer, Chuck Withee, and SVP, International Finance Officer, Leanne Spees discovered, was a large medical community working toward one goal delivering the best possible medical technology, facilities, equipment and programs worldwide.

Leanne and Chuck were asked to present at three different seminars while in Brazil in May.

It was an honor for us to speak to such a high caliber of professionals in the medical industry, says Withee. We are very appreciative of the assistance provided by the U.S. Commercial Service who provided us with many introductions and opportunities. It was also critically important that Suresh Tata, a director at the Export Import Bank (EXIM Bank), also attended Hospitalar and participated in joint meetings with us.

At Hospitalars Patient Day, Leanne and Chuck had the opportunity to present to hospitals from around the world. They illustrated how The Providents unique international financing programs can provide them with the necessary funds to import vital technologies from U.S. companies so they can offer the latest innovations to patients at their hospitals. Leanne, who is fluent in four languages, presented to the audience in Portuguese, the native language of Brazil.

Speaking to these incredible hospitals and medical manufacturers from around the world has been extremely insightful, comments Spees. The Q&A session following my presentation was extremely rich with both importers and exporters participating and inquiring about financing options available through The Provident. It is clear that the financing tools that we offer can assist these companies with their international financing needs.

Chuck and Leanne also spoke at Hospitalars Market Briefing Seminar where they presented on the growth of the medical industry worldwide. Brazil is the largest medical equipment market in Latin America, with over 6,500 hospitals and 400,000 physicians.

The exporter session was well attended and had some interested parties relative to the Export Import Bank Working Capital offerings, particularly Work In Process inventory financing, says Withee. Some were unaware of the term loan product for importers and the benefits that accrue to the exporters. They were particularly interested in the predictability of payment and the competitive loan structure and pricing that could help facilitate their Capital Equipment sales. It was a very productive session and we look forward to continuing the conversation.

Hospitalar attracts over 90,000 people from 70 different countries every year. To learn more about this tradeshow, visit: http://www.hospitalar.com/en/

To learn more about The Providents International Finance Services, visit: https://www.theprovidentbank.com/new-1-11-international-banking

About The ProvidentThe Provident Bank, a subsidiary of Provident Bancorp, Inc. (NASDAQ:PVBC), is an innovative, commercial bank that finds solutions for our business and private clients. We are committed to strengthening the economic development of the regions we serve, by working closely with businesses and private clients and delivering superior products and high-touch services to meet their banking needs. The Provident has offices in Massachusetts and New Hampshire. All deposits are insured in full through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).

Your Deposits Are Insured In Full.Member FDIC / Member DIF

For additional information please contact:Jennifer McLynchCommunications and Branding [email protected] (978) 834-8583

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/258fe9dc-b2a4-496e-8d0a-59031545eafb

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