The Provident Bank Expands into Servicing Digital Asset Clients

AMESBURY, MA, July 9, 2019 – Dave Mansfield, CEO of The Provident Bank, is proud to announce today that the bank is offering deposit services to cryptocurrency related clients. The Provident is now one of only a few banks nationwide to offer deposit and other banking services to digital asset issuers, exchangers and investors.

“The Provident Bank is proud to be entering the digital asset space because it’s largely unbanked and clients want deposit services,” says Mansfield. “The Provident team developed robust measures to ensure our strategy will not only be effective from a regulatory compliance perspective, but will also allow for our clients to have certainty in a long term banking relationship. That’s why we partnered with top U.S. technology companies to work with us on this new venture.”

The Provident is entering into digital assets having worked with one of the top compliance consulting firms, Treliant, LLC.  Treliant advises the financial services industry on various compliance and regulatory issues including policy, regulations and operational risk. Additionally, The Provident is using Bitfury’s Crystal blockchain analytics platform as part of its seamless onboarding process. The Regtech partnership will also help ensure that new clients at The Provident have a fully compliant AML program in place, and will be utilizing Crystal’s advanced transaction monitoring solution to provide more visibility into their activities on the public blockchain.  Once reviewed and approved, a dedicated Relationship Manager will be assigned to each client.

“The cryptocurrency and blockchain industries represent a growing sector that is increasingly important as companies adopt digital assets,” said Marina Khaustova, CEO of Crystal Blockchain. “We are honored to be partnering with The Provident Bank to extend banking services and compliance platforms to this industry through the use of our leading compliance and AML platform.”

Clients of The Provident also have the luxury of knowing their deposits are insured in full because of its affiliation with the Depositors Insurance Fund, which is only available to Mutual Savings banks that are chartered in Massachusetts. The FDIC insures deposits up to $250,000, but the Depositors Insurance Fund insures the rest, down to the last penny. This offers peace of mind to The Provident’s clients.


About The Provident
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 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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