Provident Bank hires six experienced lenders to enhance its commercial banking presence in eastern Pennsylvania.
Quiver AI Summary
Provident Bank, a community-focused financial institution, has expanded its commercial banking team by hiring six experienced lenders: Matthew Moresco, Matthew Skilton, Gerald Bresser, Michael Valenzano, Patrick Beaner, and Daniel Decker. These strategic hires, who collectively bring over 100 years of industry experience, aim to enhance Provident's commitment to businesses in eastern Pennsylvania. The new team members will focus on driving growth in commercial loans and deposits, as well as expanding non-bank products. Leadership at Provident Bank expressed enthusiasm for this addition, emphasizing how the new hires' expertise will strengthen the bank's market position and improve customer service across the region.
Potential Positives
- The addition of six experienced lenders enhances Provident Bank's capacity for commercial loan and deposit growth, demonstrating a strategic move to strengthen its market presence in eastern Pennsylvania.
- The new hires bring over 100 years of combined experience in the financial services industry, which is expected to improve the bank's operational success and deepen market knowledge.
- This expansion is positioned to enhance the customer experience and accelerate growth, showcasing the bank's commitment to meeting the financial needs of regional businesses.
Potential Negatives
- The press release may suggest a previous shortfall in staffing or resources that necessitated the hiring of six experienced lenders, which could raise concerns about the bank's ability to effectively serve its commercial banking clients prior to these hires.
- The heavy reliance on former Republic Bank employees could imply a lack of internal development or bench strength within Provident Bank, potentially raising questions about its talent management strategies.
- The mention of "previously with Republic Bank" for several team members may lead to perceptions of instability in the marketplace, reflecting a competitive environment that necessitates aggressive talent acquisition rather than organic growth.
FAQ
What recent hires did Provident Bank announce?
Provident Bank announced the addition of six experienced lenders in commercial banking to strengthen its business presence in eastern Pennsylvania.
How much experience do the new lenders have?
The new lenders bring over 100 years of combined experience in the financial services industry to Providence Bank.
What roles will the new lenders have at Provident Bank?
The new lenders will serve as Senior Vice Presidents and Vice Presidents in various commercial banking roles focused on loans and deposits.
How will these hires impact Provident Bank's services?
These strategic hires will enhance customer experience, scale operations, and accelerate growth, specifically in commercial lending and non-bank products.
Where can I learn more about Provident Bank’s services?
You can learn more about Provident Bank’s commercial lending services and solutions by visiting their official website at www.provident.bank.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PFS Insider Trading Activity
$PFS insiders have traded $PFS stock on the open market 7 times in the past 6 months. Of those trades, 0 have been purchases and 7 have been sales.
Here’s a breakdown of recent trading of $PFS stock by insiders over the last 6 months:
- WALTER SIEROTKO (EVP of Provident Bank) sold 15,418 shares.
- VITO GIANNOLA (EVP & CRBO of provident Bank) has traded it 6 times. They made 0 purchases and 6 sales, selling 12,000 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$PFS Hedge Fund Activity
We have seen 105 institutional investors add shares of $PFS stock to their portfolio, and 152 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- HSBC HOLDINGS PLC removed 2,414,876 shares (-60.4%) from their portfolio in Q3 2024
- BLACKROCK, INC. added 2,103,122 shares (+12.3%) to their portfolio in Q3 2024
- WELLINGTON MANAGEMENT GROUP LLP added 1,840,633 shares (+13182.2%) to their portfolio in Q3 2024
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- JANE STREET GROUP, LLC removed 691,087 shares (-92.7%) from their portfolio in Q3 2024
- D. E. SHAW & CO., INC. removed 647,857 shares (-95.4%) from their portfolio in Q3 2024
- DEUTSCHE BANK AG\ removed 622,064 shares (-88.6%) from their portfolio in Q3 2024
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Full Release
PLYMOUTH MEETING, Pa., Nov. 19, 2024 (GLOBE NEWSWIRE) -- Provident Bank, a leading community-focused financial institution, is pleased to announce the addition of six experienced lenders in the commercial banking space: Matthew Moresco, Matthew Skilton, Gerald Bresser, Michael Valenzano, Patrick Beaner, and Daniel Decker. These strategic hires come as part of the company’s efforts to strengthen its presence and commitment to businesses throughout eastern Pennsylvania.
These individuals possess more than 100 years of combined experience in the financial services industry, bringing deep market knowledge, and proven operational success to their respective roles. Each new team member will drive commercial loan and deposit growth, while expanding Provident’s non-bank products with customers in the region. The addition of these team members will enable Provident to further enhance its customer experience, scale operations, and accelerate growth across eastern Pennsylvania.
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Matthew Moresco
, joining as Senior Vice President, Commercial Banking Team Leader, was most recently an SVP at Republic Bank and previously with Commerce Bank and TD Bank. With more than 25 years in commercial lending Matthew brings his expertise and market knowledge to the bank. At Republic Bank he directed a team of commercial bankers managing relationships and business development across Suburban Pennsylvania and Southern New Jersey.
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Matthew Skilton
, joining as Senior Vice President, Commercial Banking Team Leader, is a former SVP at Republic Bank where he led a team of commercial bankers in the City of Philadelphia and Metro Philadelphia markets. With more than 20 years of commercial banking experience, he has a proven track record in business development, portfolio management, and SBA lending. Matthew has previously held banking positions with Commerce Bank and TD Bank.
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Gerald Bresser
, joining as Vice President, C&I Relationship Manager, is an experienced Commercial Lender with more than two decades of expertise at Republic Bank, TD Bank and Commerce Bank. He has successfully managed commercial loan portfolios, focusing on C&I and CRE loans. He has a strong background in credit analysis, relationship management, and lending across a wide range of industries.
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Michael Valenzano
, joining as a Vice President, C&I Relationship Manager, is a former Assistant Vice President and Relationship Manager at Republic Bank where he excelled at business development as a Commercial and Real Estate Lender in the Metro Philadelphia market.
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Patrick Beaner
, joining as a Vice President, CRE Relationship Manager, is a seasoned commercial real estate lender formerly from Univest Bank & Trust Co. With more than 15 years of expertise in commercial real estate (CRE) and finance, he developed and managed a substantial CRE portfolio, consistently closing multimillion-dollar deals and generating significant fee income. Patrick will work closely with institutional and private real estate investors, owners and developers to offer a variety of deposit and lending solutions.
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Daniel Decker,
joining as a Vice President, CRE Relationship Manager, brings more than 35 years of industry experience to the team. Most recently, he was a Vice President and CRE relationship manager with Truist Bank, where he managed a considerable CRE portfolio and drove new loan production for commercial real estate and construction financing throughout New Jersey and the Delaware Valley. Daniel has also held positions with Fulton Bank, Commerce Bank, and Liberty Bell Bank.
“I am thrilled to welcome Matthew, Matt, Gerald, and Michael, to the team,” said John Andreacio, Senior Vice President, Regional Director, Commercial Lending. “As we extend our reach and capabilities across eastern Pennsylvania, their leadership and insights into the local markets will be instrumental in positioning us for success. Their experience will help us continue to meet the financial needs of businesses in the region.”
"As we continue to grow our commercial real estate team, Patrick’s and Daniel’s experience and ability to understand the credit needs of real estate owners and developers will strengthen our presence throughout eastern Pennsylvania,” shared Christine Carpenter, Senior Vice President, Regional Director, CRE Lending.
To learn more about Provident Bank’s commercial lending services and solutions click here .
About Provident Bank
Founded in Jersey City in 1839, Provident Bank is the oldest community-focused financial institution based in New Jersey and is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS). With assets of $24.04 billion as of September 30, 2024, Provident Bank offers a wide range of customized financial solutions for businesses and consumers with an exceptional customer experience delivered through its convenient network of 140 branches across New Jersey and parts of Pennsylvania and New York, via mobile and online banking, and from its customer contact center. The bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc. To learn more about Provident Bank, go to
www.provident.bank
or call our customer contact center at 800.448.7768.
Media Contact:
Keith Buscio
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Vested
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