(AMESBURY, MA, November 6, 2018) – Dave Mansfield, President and CEO of Provident Bancorp, Inc (NASDAQ: PVBC), is pleased to announce its ranking in the top 30 nationally by Sandler O’Neill Sm-All Stars: Class of 2018. This ranking identifies the top performing small-cap banks and thrifts in the country in an effort to uncover the next crop of stellar mid-cap banks before they are discovered by the rest of the world.
“After only three years as a partially-traded public company, it is quite an achievement to be recognized as one of the highest performing institutions in the country,” stated Mansfield. “By staying true to our focus on commercial lending with a high-level of service, we’ve grown our commercial and industrial loan portfolio 32% annually and 45% last year. Inclusion in Sandler’s Sm-All Star list further validates our standing as THE Commercial Bank in the communities we serve, and I’m very proud of what The Provident has accomplished in such a short time.”
Sandler O’Neill + Partners, L.P. is an investment banking firm and broker-dealer focused on the financial services sector. To earn Sm-All Star status, companies needed to have a market cap below $2.5 billion and clear numerous hurdles related to growth, profitability, credit quality and capital strength. Of the 401 institutions that were evaluated, only 30 made the Sm-All Star Class list.
According to the report released by Sandlier O’Neill, “the performance metrics of the 30 institutions are outstanding, with the Class of 2018 delivering bottom line results that are markedly better than the industry as a whole.”
To learn more about Provident Bancorp, Inc., visit: http://investors.theprovidentbank.com/
About Provident Bancorp, Inc.
Provident Bancorp, Inc. (NASDAQ: PVBC) is a Massachusetts corporation that was formed in 2011 by The Provident Bank to be its holding company. Approximately 52.1% of Provident Bancorp, Inc. outstanding shares are owned by Provident Bancorp, a Massachusetts corporation and a mutual holding company. The Provident Bank, a subsidiary of Provident Bancorp, Inc., 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). For more information about The Provident Bank please visit our website www.theprovidentbank.com or call 877-487-2977.