Welcome to our dedicated page for Provident Financial Services news (Ticker: PFS), a resource for investors and traders seeking the latest updates and insights on Provident Financial Services stock.
Provident Financial Services, Inc. reports developments tied to its role as the holding company for Provident Bank, a community-focused financial institution serving New Jersey, eastern Pennsylvania, and parts of New York. The bank provides commercial and consumer banking, digital banking, branch-based services, fiduciary and wealth management services through Beacon Trust Company, and insurance services through Provident Protection Plus, Inc.
Recurring news includes quarterly earnings, net interest income, loan and deposit trends, credit quality, noninterest revenue, and capital returns through common-stock dividends. Company updates also cover middle market and asset-based lending activity, wealth management staffing and advisory capabilities, investor relations, and other operating changes across the banking, wealth, and insurance businesses.
Provident Financial Services (NYSE: PFS) has scheduled the release of its second-quarter financial results for the period ending June 30, 2024, on July 25, 2024, after market close. The results will be available on the company's website. An investor conference call will be held on July 26, 2024, at 10:00 a.m. (ET) to discuss the financial results. The call can be accessed via North America Toll-Free or International Toll lines, with a replay available until August 9, 2024. Provident Financial Services, the holding company for Provident Bank, reported assets of $14.1 billion as of March 31, 2024. The bank operates branches in New Jersey, Pennsylvania, and New York, and provides wealth management and insurance services through its subsidiaries.
Provident Financial Services (NYSE: PFS) has successfully merged with Lakeland Bancorp, completing the union of their banking operations. Lakeland shareholders are entitled to 0.8319 shares of Provident for each share held, with cash for fractional shares. Post-merger, Provident shareholders hold 58% and Lakeland shareholders 42% of the combined entity.
The merged company boasts assets of $24.5 billion, $18.8 billion in loans, $18.6 billion in deposits, and $2.3 billion in equity. It operates 140 branches across NJ, NY, and PA. The new organization aims to leverage its expanded network and diversified services, including commercial real estate, residential mortgages, asset-based lending, and equipment leasing, along with wealth management and insurance subsidiaries.
The combined leadership team includes executives from both banks, emphasizing the shared vision and commitment to customers and communities. The operational systems will remain separate until a scheduled conversion in September 2024.
Provident Financial Services, Inc. completed a $225 million subordinated notes offering to meet regulatory conditions related to the Lakeland Bancorp, Inc. merger, with the merger expected to close on May 15, 2024. The net proceeds will be invested in the Bank, serving as Tier 1 and Tier 2 capital.
Provident Financial Services, Inc. announced the pricing and upsizing of a subordinated notes offering totaling $225 million. The Notes will bear interest at 9.00% initially, with a fixed-to-floating rate structure. The purpose is to satisfy regulatory conditions related to a merger with Lakeland Bancorp, Inc.
Provident Financial Services, Inc. announced the launch of a subordinated notes offering to raise $200 million in a registered public offering due 2034. The purpose is to qualify as Tier 2 capital for regulatory purposes, following a merger with Lakeland Bancorp, Inc. The net proceeds will be invested in the Bank for general corporate purposes, such as debt repayment. Piper Sandler & Keefe, Bruyette & Woods are the joint book-running managers for the offering.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.