| Business Summary | | Provident
Bancorp,
Inc.
was
organized
for
the
purpose
of
acting
as
the
stock
holding
company
of
Provident
Bank.
The
Bank
is
engaged
primarily
in
the
business
of
offering
various
FDIC-insured
savings
and
demand
deposits
to
customers
through
its
13
full-service
offices,
and
using
those
deposits,
together
with
funds
generated
from
operations
and
borrowings,
to
originate
one-
to
four-family
residential
and
commercial
real
estate,
consumer,
construction
and
commercial
business
loans.
The
Bank
also
invests
in
investment-
and
mortgage-backed
securities.
Additional
products
and
services
offered
include
the
sale
of
mutual
funds
and
annuities,
and
investment
management
and
trust
services. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | PBCP
is
a
bank
holding
company
for
Provident
Bank,
a
state-chartered
mutual
savings
and
loan
association
operating
13
branches
in
New
York.
For
the
nine
months
ended
6/30/01,
interest
income
rose
5%
to
$45.9
million.
Net
interest
income
after
loan
loss
prov.
rose
6%
to
$24.4
million.
Net
income
rose
34%
to
$5.5
million.
Net
interest
income
reflects
increased
loan
balances
and
a
higher
net
interest
margin.
Net
income
reflects
increased
gains
on
the
sale
of
securities
for
sale. | More
from
Market Guide: Significant
Developments |
| | | | FY2000 Pay | |
| William Helmer, 66 Chairman
of Directors | -- | George Strayton, 57 Pres,
CEO | $1.2M | Dennis Coyle, 64 Vice
Chairman | -- | Robert Sansky, 53 Exec.
VP of HR | 526K | Daniel Rothstein, 53 Exec.
VP, CCO and Regulatory Counsel | 577K | Dollar amounts are as of 30-Sep-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|