Combines the Best of Two Highly Regarded Banks to Create the Premier
Company Names New Board Members and Executive Leadership Team
On a pro forma basis, the combined company will have approximately
The combined organization is strategically positioned to benefit from a diverse revenue and earnings stream; an expansive retail banking network; strong positions in several lines of business, including commercial real estate, residential mortgage origination, asset-based lending, and equipment lease financing; along with a robust commercial banking platform. The combined company will also benefit from two fee-based business lines with its
Commenting on the completion of the merger,
“Our employees will benefit from greater opportunities and resources that a bank with nearly
Thomas J. Shara , former President and Chief Executive Officer, will serve as Executive Vice ChairmanBrian M. Flynn , partner at PKF O’Connor Davies, LLPBrian A. Gragnolati , President and CEO ofAtlantic Health System - James E. Hanson II, President and CEO of The Hampshire Companies
Robert E. McCracken , President ofSmith-McCracken Funeral Home andWood Funeral Home
In conjunction with the closing of the merger,
“The company is privileged to add these five directors to its Board,” said
In addition to
Thomas Lyons , Senior Executive Vice President and Chief Financial OfficerJames Christy , Executive Vice President andChief Risk Officer Joseph Covell , Senior Vice President and General AuditorVito Giannola , Executive Vice President and Chief Banking OfficerGeorge Lista , President and CEO,Provident Protection Plus, Inc. Bennett MacDougall , Executive Vice President and General CounselTimothy Matteson , Executive Vice President and Chief Administrative OfficerValerie Murray , Executive Vice President and Chief Wealth Management OfficerJames Nigro , Executive Vice President andChief Credit Officer Carolyn Powell , Executive Vice President and Chief Human Resources OfficerJohn Rath , Executive Vice President andChief Lending Officer - Ravi Vakacherla, Executive Vice President and
Chief Digital and Innovation Officer
“When the merger was first announced, I stated that our executive leadership team would be drawn from the combined company’s deep talent pool,” said
Until the systems conversion, which is scheduled for early September of 2024, the Provident and Lakeland retail banking networks will continue to operate separately under their respective brands. Customers of both banks will not experience any immediate changes to their accounts, loan payments, use of debit cards, access to ATMs, or access to account information, either on-line or through mobile-banking applications.
About Provident
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to Provident’s beliefs, goals, intentions, and expectations regarding revenues, earnings, earnings per share, loan production, asset quality, and capital levels, among other matters; Provident’s estimates of future costs and benefits of the actions it may take; Provident’s assessments of probable losses on loans; Provident’s assessments of interest rate and other market risks; Provident’s ability to achieve its financial and other strategic goals; the expected cost savings, synergies and other anticipated benefits from the transaction between Provident and Lakeland; and other statements that are not historical facts.
Forward-looking statements are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “should,” and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. These forward-looking statements include, without limitation, those relating to the terms of the transaction.
Additionally, forward-looking statements speak only as of the date they are made; Provident does not assume any duty, and does not undertake, to update such forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise. Furthermore, because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those indicated in such forward-looking statements as a result of a variety of factors, many of which are beyond the control of Provident. Such statements are based upon the current beliefs and expectations of the management of Provident and are subject to significant risks and uncertainties outside of the control of Provident. Caution should be exercised against placing undue reliance on forward-looking statements. The factors that could cause actual results to differ materially include the following: the outcome of any legal proceedings that may be instituted against Provident; the ability of Provident to meet expectations regarding the accounting and tax treatments of the transaction; the possibility that the anticipated benefits of the transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Provident does business; diversion of management’s attention from ongoing business operations and opportunities; the possibility that Provident may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or at all and to successfully integrate operations of the two companies; such integration may be more difficult, time consuming or costly than expected; revenues following the transaction may be lower than expected; Provident’s success in executing its business plans and strategies and managing the risks involved in the foregoing; the dilution caused by Provident’s issuance of additional shares of its capital stock in connection with the transaction; effects of the completion of the transaction on the ability of Provident to retain customers and retain and hire key personnel and maintain relationships with their suppliers, and on Provident’s operating results and businesses generally; risks related to the potential impact of general economic, political and market factors on Provident and other factors that may affect future results of Provident; uncertainty as to the impacts of natural disasters or health epidemics on Provident; and the other factors discussed in the “Risk Factors” section of each of Provident’s and Lakeland’s Annual Report on Form 10-K for the year ended
Contact:
Senior Executive Vice President and Chief Financial Officer
Phone: 732-590-9348
Email: thomas.lyons@provident.bank
Source:
2024 GlobeNewswire, Inc., source