Mohammad Ali Shaikh Joins BankProv and Provident Bancorp’s Board of Directors

Provident Bancorp, Inc. (NASDAQ: PVBC), the holding company for BankProv (legally operating as The Provident Bank), announces today Mohammad “Mo” Ali Shaikh, was appointed to the Board of Directors of both Provident Bancorp, Inc. and BankProv on January 27, 2022.

Shaikh joins the Board from his most recent role at Meta Platforms (formerly Facebook), where he was instrumental in building Meta’s global financial services system in partnership with leading blockchain companies and international banks.

“Mo has long been at the forefront of the blockchain movement,” said Dave Mansfield, CEO of BankProv. “He brings a wealth of industry knowledge and strategic innovation to the table as we expand our digital asset business solutions and partnerships. We’re excited to welcome him to our Board of Directors.”

“Blockchain provides efficient and equitable access to capital and it’s refreshing to see the team at BankProv advance new and open principles,” said Mohammad Shaikh. “I’m excited to be a part of BankProv’s innovation story to support customers at all walks of life.”

Shaikh founded Meridio, the first blockchain platform for a real estate asset to be listed on Ethereum in compliance with US Securities Law and cross border regulations for financial instrument transactions. He has vast experience and deep knowledge of advanced analytics, international investment and strategic advisory from Blackrock and The Boston Consulting Group. Furthermore, Shaikh is the former Director of Strategy for ConsenSys, a market-leading blockchain technology company, where he developed international expansion strategy with multi-billion dollar businesses and governments.

Shaikh holds an MBA in Competitive Strategy and Finance from the Simon Business School, University of Rochester and a Bachelor’s degree from Hunter College University of New York.



About Provident Bancorp, Inc.:

BankProv, legally operating as The Provident Bank, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank for corporate clients, specializing in offering adaptive and technology-first banking solutions to niche markets, including cryptocurrency, renewable energy, fin-tech, and search fund lending. We are committed to offering state-of-the-art APIs (application programming interfaces) for all business clients and BaaS (Bank as a Service) partners. Through our offerings, BankProv insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information about BankProv please visit our website or call 877-487-2977.

Forward-Looking Statements

Certain statements contained herein constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such statements may be identified by words such as “may,” “will,” “would,” “intend,” “believe,” “expect,” “plan,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. These statements are based upon the current beliefs and expectations of Company management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors.  Factors that could cause such differences to exist include, but are not limited to: the effects of any pandemic disease, natural disaster, war, act of terrorism, accident, or similar action or event; those related to the real estate and economic environment, particularly in the market areas in which the Company operates; fiscal and monetary policies of the U.S. Government; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company’s filings with the Securities and Exchange Commission, which are available at the SEC’s website,

The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above or other factors could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically disclaims any obligation to publicly release the results of any revisions, which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

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