Provident Bank Announces $50,000 in Grants to 11 Small Businesses and 4 Non-Profit Organizations

Rhea-AI Summary

Provident Bank has awarded $50,000 in grants to 11 small businesses and 4 non-profit organizations through the Federal Home Loan Bank of New York (FHLBNY) Small Business Recovery Grant (SBRG) Program. The grants, up to $10,000 each, are designed to support businesses facing economic challenges due to the rate environment, inflation, supply-chain constraints, and rising energy costs.

The recipients include restaurants, educational institutions, construction companies, and community development organizations across New York and New Jersey. This initiative demonstrates Provident Bank's commitment to fostering economic prosperity in local communities through its partnership with FHLBNY.

Positive

• Demonstrates community support and local market presence through $50,000 in grant distributions
• Strategic partnership with Federal Home Loan Bank of New York enhances institutional relationships

Negative

• None.

Insights

Financial Analyst

The $50,000 grant distribution by Provident Bank, while commendable from a community relations perspective, represents an insignificant financial commitment relative to PFS's $2.69 billion market cap. This initiative aligns with standard Community Reinvestment Act (CRA) compliance and Federal Home Loan Bank participation requirements but is unlikely to materially impact the bank's financial performance or stock value. The program demonstrates basic community banking practices rather than a significant strategic shift or material financial event. Small business support programs like this are routine for regional banks and typically serve more as relationship-building tools than revenue drivers.

Funding is provided through the FHBNY’s Small Business Recovery Grant Program

ISELIN, N.J., Dec. 17, 2024 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution, has announced the bank recently awarded a total of $50,000 in grants to 11 small businesses and 4 non-profit organizations as part of the Federal Home Loan Bank of New York (FHLBNY) Small Business Recovery Grant (SBRG) Program. The SBRG program provides funds to benefit FHLBNY members’ small businesses, including farms and non-profit customers. Through the SBRG Program, members can provide grants of up to $10,000 to qualifying small businesses that have faced economic challenges due to the rate environment, inflation, supply-chain constraints, and/or rising energy costs.

“Provident Bank is proud to partner with the Federal Home Loan Bank of New York to support these worthy organizations through the Small Business Recovery Grant Program,” said Mary Brown, Senior Vice President, Chief Compliance Officer. “These grants are essential to the financial well-being of these establishments and their ability to serve their customers,” added Ms. Brown.

As a FHLBNY member bank, Provident Bank is committed to fostering the economic prosperity of small businesses and non-profit organizations in the local communities it serves.

The following small businesses and non-profit organizations received grants through the FHLBNY SBRG program:

• Los Amigos Mexican Restaurant, Queens, NY
• Dent Buster Inc., Lindenhurst, NY
• Educational Institute Oholei Torah of Brooklyn, Brooklyn, NY
• El Rey Mexican Restaurant, Astoria, NY
• FOCUS Hispanic Center for Community Development, Newark, NJ
• Housing Partnership NeighborWorks Homeownership Center, Dover, NJ
• Make Believe Bakeshop, Astoria, NY
• Alessandro's Italian, Manhasset, NY
• Prishtina Construction Design, Roselle Park, NJ
• Puerto Rican Association for Human Development (PRAHD), Perth Amboy, NJ
• Royal Sporting Group LLC., Queens, NY
• The Ha'Or Beacon School, Brooklyn, NY
• Trella Souvlaki Corp., Queens, NY
• Tutto Calcio Espresso Bar, Whitestone, NY
• Yonkers Partners In Education, Yonkers, NY and Jersey City, NJ

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 $24.04 billion as of September 30, 2024, 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:
Keith Buscio
Keith.Buscio@provident.bank

Vested
Providentbank@fullyvested.com

FAQ

How much did Provident Bank (PFS) distribute in small business grants in December 2024?

Provident Bank distributed $50,000 in grants to 11 small businesses and 4 non-profit organizations through the FHLBNY Small Business Recovery Grant Program.

What is the maximum grant amount available through Provident Bank's SBRG Program?

Through the Small Business Recovery Grant Program, qualifying small businesses can receive grants of up to $10,000.

Which types of businesses received grants from Provident Bank's SBRG Program?

Recipients included restaurants, educational institutions, construction companies, and community development organizations across New York and New Jersey.

What economic challenges does Provident Bank's SBRG Program address?

The program addresses challenges related to the rate environment, inflation, supply-chain constraints, and rising energy costs faced by small businesses.