Provident Bank Announces $1 Million in Grants to Ten New Jersey Non-Profit Organizations

Provident Bank (PFS) announced it has awarded $1 million in grants to ten New Jersey non-profit organizations through the state’s Neighborhood Revitalization Tax Credit (NRTC) Program for fiscal 2026.

Rhea-AI Summary

Provident Bank (PFS) announced it has awarded $1 million in grants to ten New Jersey non-profit organizations through the state’s Neighborhood Revitalization Tax Credit (NRTC) Program for fiscal 2026.

Funds will support housing, economic development, entrepreneurship, job training, social services, recreation, and open space in distressed neighborhoods.

Argus Jun 17 session

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News Market Reaction – PFS

On Jun 17, the day this news came out, PFS closed 2.33% below the previous close.

Data tracked by StockTitan Argus for the Jun 17 session.

Market Context

This announcement highlights Provident Bank’s commitment of $1 million in grants to ten New Jersey n...

Analysis

This announcement highlights Provident Bank’s commitment of $1 million in grants to ten New Jersey non-profit organizations through the NRTC Program for 2026. It reinforces the bank’s community reinvestment and regional presence rather than altering its financial outlook. In assessing this alongside recent leadership changes, earnings coverage, and dividend actions, investors may focus on how reputation, regulatory relationships, and local economic development support the franchise over time.

Key Figures

Grant funding: $1 million Non-profit recipients: 10 organizations Tax credit rate: 100 percent +1 more

Grant funding

$1 million

NRTC Program grants to ten New Jersey non-profits, FY 2026

Non-profit recipients

10 organizations

Recipients of Provident Bank NRTC Program funding

Tax credit rate

100 percent

Tax credit against various New Jersey state taxes for corporations

Fiscal year

2026

New Jersey NRTC Program funding period

Historical Context

5 past events · Latest: Jun 04

5 events

1. Jun 04

   Leadership appointment

   24h Move

   +3.7%

   Named EVP, Chief Wealth Officer and President of Beacon Trust.

2. May 27

   Leadership promotion

   24h Move

   -1.2%

   Promoted Jessica Dudick to SVP, C&I lending team leader.

3. May 14

   Consumer survey

   24h Move

   +1.2%

   Released 2026 survey on household finances and banking needs.

4. May 14

   Earnings coverage

   24h Move

   -0.6%

   1Q26 results with net income, EPS and credit-watch commentary.

5. Apr 30

   Dividend declaration

   24h Move

   -1.3%

   Declared $0.24 quarterly cash dividend per common share.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

neighborhood revitalization tax credit (nrtc) program

1 terms

neighborhood revitalization tax credit (nrtc) program regulatory

"as part of the New Jersey Department of Community Affairs, Neighborhood Revitalization Tax Credit (NRTC) Program for fiscal year 2026."

A neighborhood revitalization tax credit (NRTC) program offers a tax credit to investors, developers, or property owners who fund rehabilitation, redevelopment, or community-improvement projects in designated distressed or underused neighborhoods. Think of it as a government “coupon” that lowers the effective cost of a renovation or development, making projects more financially attractive and reducing investor risk; that can speed improvements, raise local property values, and affect a project’s expected returns and tax planning.

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Funds will be used to support revitalization plans for distressed neighborhoods

ISELIN, N.J., June 17, 2026 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution, announced today the bank has awarded $1 million in funding to ten non-profit organizations as part of the New Jersey Department of Community Affairs, Neighborhood Revitalization Tax Credit (NRTC) Program for fiscal year 2026. The nonprofit organizations will use the funding to implement revitalization plans that address housing and economic development, provide opportunities for entrepreneurs to start businesses and job training for local residents, as well as complementary activities such as social services, recreational activities, and open space improvements. The New Jersey Department of Community Affairs (DCA) served as the intermediary agency between the non-profit organizations and Provident Bank.

NRTC program funding from Provident Bank has been awarded by the New Jersey Department of Community Affairs to the following non-profit organizations:

• Clinton Hill Community Action – To revitalize the Upper Clinton Hill neighborhood.   
• HANDS, Inc. – To revitalize the Heart of Orange and The Valley neighborhoods.
• Isles, Inc. – To revitalize the East Trenton and Downtown Trenton neighborhoods.
• Jewish Renaissance Foundation – To revitalize the Perth Amboy Alliance for Community neighborhood.
• New Brunswick Tomorrow – To revitalize the Esperanza and Livingstone Avenue South neighborhoods.
• New Jersey Community Development Corporation – To revitalize the Great Falls neighborhood.
• NORWESCAP – To revitalize the South Main Street and Sussex Borough neighborhoods.
• Paterson Habitat for Humanity – To revitalize the Eastside and Rosa Parks neighborhoods.
• Trenton Health Team, Inc. – To revitalize the North Trenton/Battle Monument neighborhood.
• Urban League of Essex County – To revitalize the Fairmount neighborhood.

“Provident Bank is proud to support these outstanding nonprofit organizations through the Neighborhood Revitalization Tax Credit Program,” said Leonardo Ramos, First Vice President, CRA Officer. “These investments help strengthen neighborhoods, expand economic opportunity, and improve quality of life for residents across New Jersey. By partnering with organizations that are driving meaningful and lasting change, we are reinforcing our commitment to building stronger, more vibrant communities throughout the markets we serve.”

The NRTC Program, which is administered by DCA’s Division of Housing and Community Resources, is designed to jumpstart the renewal of neighborhoods at risk of experiencing a downturn. It accomplishes this through strategies developed by local residents and community-based nonprofit organizations that assist them, as well as through financial contributions from corporations.

The community organizations prepare, submit, and receive approval from DCA for multi-year revitalization plans for the neighborhoods they serve. The corporations contribute funding to the NRTC Program and in return receive a 100 percent tax credit against various New Jersey state taxes. Every year, projects from the approved revitalization plans are listed in a qualified projects pool from which corporations choose the ones they want to financially support.

The NRTC funds must be used by the nonprofit organizations for projects and activities that will implement the goals of the approved neighborhood plans.

About Provident Bank

Founded in Jersey City in 1839, Provident Bank is the oldest community-focused financial institution based in New Jersey and is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS). With assets of $24.20 billion as of March 31, 2026, Provident Bank offers a wide range of customized financial solutions for businesses and consumers with an exceptional customer experience delivered through its convenient network of 140 branches across New Jersey and parts of New York and Pennsylvania, via mobile and online banking, and from its customer contact center. The bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc. To learn more about Provident Bank, go to www.provident.bank or call our customer contact center at 800.448.7768.

Media Contact:
Provident Bank
Keith Buscio – keith.buscio@provident.bank 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a70f2514-f572-48c8-aacd-4e7f8804fae5

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Provident Bank (PFS) announce on June 17, 2026, about $1 million in NRTC grants?

Provident Bank announced $1 million in funding to ten New Jersey non-profits through the NRTC Program for fiscal 2026. According to Provident Bank, the grants will support neighborhood revitalization, including housing, economic development, and community services in distressed areas.

Which New Jersey non-profit organizations received Provident Bank’s $1 million NRTC funding in 2026?

Ten non-profits, including Clinton Hill Community Action, HANDS, Isles, Jewish Renaissance Foundation, New Brunswick Tomorrow, New Jersey Community Development Corporation, NORWESCAP, Paterson Habitat for Humanity, Trenton Health Team, and Urban League of Essex County, received funding. According to Provident Bank, each will implement approved neighborhood revitalization plans.

How will Provident Bank’s 2026 NRTC grants support neighborhood revitalization in New Jersey?

The 2026 NRTC grants will fund projects aligned with approved neighborhood revitalization plans in distressed areas. According to Provident Bank, uses include housing improvements, economic development, support for entrepreneurs, job training, social services, recreational programs, and open space enhancements across multiple New Jersey communities.

What is the New Jersey Neighborhood Revitalization Tax Credit Program and how does Provident Bank participate?

The NRTC Program supports renewal of at-risk neighborhoods through community-led revitalization plans and corporate funding. According to Provident Bank, it contributes funding and receives a 100% tax credit against certain New Jersey state taxes, while DCA administers approvals and allocates funds to qualified non-profits.

How will the $1 million in NRTC grants from Provident Bank impact entrepreneurs and job training?

Part of the $1 million will support entrepreneurs and job training for local residents in targeted neighborhoods. According to Provident Bank, funded plans include opportunities to start businesses, build workforce skills, and improve economic prospects alongside broader housing and community development efforts.

What role does the New Jersey Department of Community Affairs play in Provident Bank’s NRTC neighborhood grants?

The New Jersey Department of Community Affairs acts as intermediary, administering the NRTC Program and approving revitalization plans. According to Provident Bank, DCA’s Division of Housing and Community Resources allocates contributions and ensures non-proprofits use funds to meet approved neighborhood goals.