(Portsmouth, NH, January 22, 2020) – The Provident Bank has entered the Warehouse Lending business by acquiring United Bank's legacy ResX Warehouse Lending portfolio from People's United Bank, N.A. on January 17, 2020.
“The expertise and leadership of the ResX team provided us an opportunity to obtain a portfolio that is immediately accretive to earnings,” said David Mansfield, CEO of The Provident Bank. “The warehouse lending business is a niche business that parallels our strategy of engaging in specialized businesses where we can have expertise and focus. Our technology and banking products provide a compelling reason for businesses to transact with The Provident Bank,” he said.
ResX Warehouse Lending, a division of The Provident Bank, will conduct business from its Operations facility in Ponte Vedra Beach, Florida. The division targets creditworthy, small to mid-cap, independent mortgage banking companies for warehouse lines from $3MM to $25MM.
Ken Jones, President of the ResX division said, “By providing flexible, high-touch personal service, we meet the needs of smaller organizations. Our experience and business acumen provide a consultancy relationship that is valued by many clients. This results in ResX forming long-term, sustainable relationships with its clients. We've built a strong base and culture over the past couple of years with United Bank which positions us to take advantage of growth opportunity. We expect to continue our pattern of growth by providing a superior customer experience, offering competitive products, while maintaining a culture of safety and soundness. The forecast of a stable interest rate environment and continued growth in housing will help facilitate our objectives.”
About The Provident Bank
The Provident Bank, a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC), 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 Bank 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)
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