Provident Bank Announces New Hires and Promotions

Rhea-AI Summary

Provident Bank (NYSE: PFS) announced two executive hires and two promotions on December 17, 2025, reinforcing its focus on technology, data, customer experience, and commercial real estate.

Key moves: Satish Harikrishnan promoted to SVP, Chief Technology Officer after establishing a Network Operations Center and Enterprise Architecture; Shyam Nair hired as SVP, Head of Data, Analytics, and Data Governance with 20+ years' experience and prior work modernizing Texas Capital’s cloud data platform; Linda Martin promoted to SVP, Regional Sales Manager, Central Region (joined 2023); Andrew Markey hired as SVP, Team Leader, Commercial Real Estate with 30+ years of CRE experience.

Positive

• Promoted Satish Harikrishnan to SVP, Chief Technology Officer
• Harikrishnan established a Network Operations Center
• Created Enterprise Architecture function under Harikrishnan
• Hired Shyam Nair as SVP, Head of Data with 20+ years' experience
• Nair modernized Texas Capital’s cloud-based data platform
• Hired Andrew Markey as SVP, Team Leader, Commercial Real Estate (30+ years)

Negative

• None.

Key Figures

Industry experience more than 20 years Experience of new Head of Data, Analytics, and Data Governance

Industry experience over 30 years Experience of new SVP, Team Leader, Commercial Real Estate

Market Reality Check

$19.89 Last Close

Volume Volume 866,644 is below 20-day average 981,542 (relative volume 0.88x). normal

Technical Trading above 200-day MA at $18.12 and about 2.11% below 52-week high $21.29.

Peers on Argus

PFS is down 1% over 24h with regional peers also negative today (e.g., WAFD -1.56%, WSBC -1.25%, BANC -0.81%), but no momentum scanner confirmation of a coordinated sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 25	Community grants	Positive	+3.5%	Launch of $50,000 Crisis Response Fund to address food insecurity.
Nov 06	Community grants	Positive	-1.0%	Announcement of $50,000 in grants to six nonprofits via SBRG program.
Nov 05	Earnings update	Positive	-1.0%	Report of strong Q3 2025 profitability and record total revenue metrics.
Oct 30	Dividend correction	Neutral	-1.1%	Clarification of quarterly dividend payable date for common shareholders.
Oct 30	Dividend declaration	Positive	-0.4%	Declaration of $0.24 quarterly cash dividend per common share.

Pattern Detected

Community/CSR and dividend announcements often saw flat-to-negative moves, while one recent community fund launch drew a positive reaction.

Recent Company History

Over the last few months, PFS has combined community initiatives, earnings strength, and capital returns. On Nov 5, 2025, it reported strong Q3 results with higher net income and revenue, yet shares fell modestly. Multiple dividend announcements on Oct 30, 2025 produced small declines as well. Community-focused grant programs of $50,000 in early November and late November showed mixed stock reactions. Today’s leadership hires and promotions fit into this broader growth and operational improvement narrative.

Market Pulse Summary

This announcement highlights Provident Bank’s focus on technology, data, sales leadership, and commercial real estate expertise through key promotions and new hires. In recent months, PFS combined strong Q3 results, ongoing dividends, and community grant programs totaling $50,000 per initiative. Investors may watch how these leaders influence efficiency, customer experience, and loan growth, alongside future earnings reports and regulatory disclosures, to gauge the impact of today’s organizational changes.

Key Terms

cybersecurity technical

"support business growth, operational efficiency, cybersecurity, and regulatory compliance."

Cybersecurity involves protecting computers, networks, and digital information from theft, damage, or unauthorized access. It is essential for safeguarding sensitive data and maintaining trust in digital systems, which matters to investors because strong cybersecurity reduces the risk of costly breaches and disruptions that can impact a company’s performance and reputation. Think of it as locking and safeguarding valuable information much like securing a safe to prevent theft.

regulatory compliance regulatory

"business growth, operational efficiency, cybersecurity, and regulatory compliance."

Regulatory compliance is the process of ensuring that a company follows all applicable laws, rules, and standards set by government authorities or industry bodies. It is important to investors because it helps prevent legal penalties, financial losses, and reputational damage, contributing to the overall stability and trustworthiness of a business. Think of it as following the rules of a game to play fairly and avoid penalties.

network operations center technical

"establishment of a Network Operations Center, enhancing Provident’s infrastructure observability"

A network operations center (NOC) is a centralized team and facility that monitors and manages a company's computer networks, servers, and critical online services to keep them running smoothly—like an air-traffic control room for a business’s IT systems. Investors care because NOC performance directly affects uptime, customer access, data security and compliance; failures can lead to lost sales, higher costs, regulatory fines and damage to reputation, all of which influence value and risk.

enterprise architecture technical

"set up the Enterprise Architecture function, which has been crucial in guiding"

Enterprise architecture is a high-level blueprint showing how an organization’s technology, data, processes and people fit together to achieve its goals — like a city master plan mapping roads, utilities and zoning so everything works in sync. Investors care because it affects how efficiently a business can scale, control costs, manage risk and launch new products; a clear, well-executed architecture reduces wasted spending and execution uncertainty, making future performance easier to judge.

data governance technical

"Head of Data, Analytics, and Data Governance. Mr. Nair is responsible for defining"

Data governance is the set of rules and practices that ensure information is accurate, consistent, and used responsibly within an organization. It is like a well-organized library system that keeps track of all the books, making sure they are correct, easy to find, and used properly. For investors, strong data governance helps ensure that the information they rely on is trustworthy and decisions are based on reliable data.

data architecture technical

"lead enterprise-level data initiatives, including data architecture, engineering, integration"

Data architecture is the blueprint that defines how a company collects, stores, links and manages its information, setting the structures and rules that keep data organized and accessible. Like a well-planned library that helps staff quickly find and use books, strong data architecture speeds decision-making, reduces mistakes and security risks, and can lower costs or enable new products — all factors that influence a company’s performance and valuation for investors.

business intelligence and analytics technical

"including data architecture, engineering, integration, business intelligence and analytics (BIA)"

Business intelligence and analytics are the tools and processes that collect and turn a company's raw data into clear insights about sales, costs, customers and operations. Like a car’s dashboard or a weather map, they show trends, flag problems and suggest where to steer, helping investors judge whether management is improving performance, cutting risks or finding growth opportunities.

commercial real estate transactions financial

"Mr. Markey is responsible for originating, evaluating and structuring commercial real estate transactions."

The buying, selling, leasing, or financing of buildings and land used to run businesses—such as offices, shops, warehouses and apartment complexes—rather than homes. Investors care because these deals change who earns rental income, who pays operating costs and who holds debt risk; think of it like trading a large rental property where the buyer inherits both income potential and responsibilities, which can affect company balance sheets and market valuations.

AI-generated analysis. Not financial advice.

Focused on customer experience and innovation, the bank bolsters talent to deliver innovative solutions

ISELIN, N.J., Dec. 17, 2025 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution, has announced the appointment of two executives and the promotion of two leaders, rounding out a year of growth and expansion. These latest strategic new hires and promotions further underscore Provident’s commitment to sustainable growth, continued investment in technology, an exceptional customer experience, and meaningful community impact. Below are details on each executive and their role within Provident.

Satish Harikrishnan has been promoted to Senior Vice President, Chief Technology Officer.
In this role, Mr. Harikrishnan is responsible for setting and executing the bank’s technology strategy to support business growth, operational efficiency, cybersecurity, and regulatory compliance. In addition, he will oversee enterprise technology platforms, infrastructure, application development, data capabilities, and vendor relationships while ensuring systems are secure, resilient, and aligned with the bank’s strategic priorities.

Under Mr. Harikrishnan’s leadership, the bank has made solid progress in strengthening its technology foundation across people, processes, and platforms. Among his many achievements, Mr. Harikrishnan spearheaded the establishment of a Network Operations Center, enhancing Provident’s infrastructure observability and bringing together a talented team, all of which have greatly bolstered the bank's operational resiliency. In addition, Mr. Harikrishnan set up the Enterprise Architecture function, which has been crucial in guiding the organization's direction on various technology initiatives.

“Satish’s leadership has played a key role in strengthening our technology foundation and operational resiliency,” said Ravi Vakacherla, Executive Vice President and Chief Information and Operations Officer. “His vision and execution have positioned the organization well for continued progress.”

Shyam Nair has joined the organization as Senior Vice President, Head of Data, Analytics, and Data Governance. Mr. Nair is responsible for defining and executing the organization's data strategy in alignment with overall business objectives and regulatory frameworks. In addition, he will lead enterprise-level data initiatives, including data architecture, engineering, integration, business intelligence and analytics (BIA), and governance, while ensuring performance, compliance, and scalability.

Mr. Nair has more than 20 years of experience leading technology strategy and transformation across major regional banks and fintech organizations. Prior to joining Provident, he spearheaded the end-to-end modernization of Texas Capital’s data and analytics ecosystem, building a single, modern, cloud-based data platform that significantly enhanced the bank's ability to leverage data for insight and decision-making.

“Shyam brings exceptional depth and vision in data and analytics, with a proven ability to modernize complex data environments at scale,” said Satish Harikrishnan, Senior Vice President, Chief Technology Officer. “His leadership will be instrumental as we advance our enterprise data strategy, strengthen governance, and leverage data-driven insights to support our business objectives and regulatory requirements.”

Linda Martin has been promoted to Senior Vice President, Regional Sales Manager for the Central Region. In this role, Ms. Martin is focused on achieving branch and regional sales goals while also meeting customers' needs and implementing strategies for providing an outstanding customer experience. In addition, she will be responsible for internal and external sales and marketing programs, branch operations, audit controls, income and expense levels, and supporting staff development and training.

Since joining Provident in 2023, Ms. Martin has consistently demonstrated exceptional leadership, a passion for placing her team, customers, and community at the center of her focus, and a strong commitment to Provident’s Guiding Principles.

“Linda is a proven leader who consistently puts her team, our customers, and our communities first,” said Renee Altomonte, Executive Vice President, Retail Banking Director. “Her strong sales acumen, operational expertise, and commitment to our Guiding Principles make her well suited to lead the Central Region. I am confident that under Linda’s leadership her teams will deliver an outstanding customer experience.”

Andrew Markey has joined the company as Senior Vice President, Team Leader, Commercial Real Estate. Mr. Markey is responsible for originating, evaluating and structuring commercial real estate transactions. He will work closely with institutional and private investors, owners and developers to offer a variety of deposit and lending solutions. In addition, he will lead a team of relationship managers and oversee a portfolio of commercial real estate customers based in central and northern New Jersey.

With over 30 years of experience, Mr. Markey is an accomplished commercial real estate lender and manager with extensive experience in New Jersey and Pennsylvania. Prior to joining Provident, he was Senior Vice President, Commercial Real Estate with Valley Bank, where he grew the loan portfolio and expanded the customer base while navigating regulatory requirements and managing an existing loan portfolio.

“Andrew brings deep industry experience and a strong track record of building and managing commercial real estate relationships,” said Philip Bringuier, Senior Vice President, Regional Director, Commercial Real Estate. “His expertise in originating and structuring complex transactions, combined with his knowledge of the New Jersey and Pennsylvania markets, will be a valuable asset to our customers and our growing CRE portfolio.”

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 $24.83 billion as of September 30, 2025, 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 more than 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

Photos accompanying this announcement are available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/96130c85-3d46-4a6d-9f81-d4c038910479

https://www.globenewswire.com/NewsRoom/AttachmentNg/446bbdb0-0cf0-4a9e-a7ef-f9c46feed03c

https://www.globenewswire.com/NewsRoom/AttachmentNg/9339a926-de2f-4fda-b015-c2cb2b0f1a01

https://www.globenewswire.com/NewsRoom/AttachmentNg/04514c53-9d23-48c0-84b8-1cc3d83c0e2c

FAQ

What leadership changes did Provident Bank announce on December 17, 2025 (PFS)?

Provident announced two hires and two promotions: Harikrishnan promoted to SVP, CTO, Nair hired as SVP, Head of Data, Martin promoted to SVP, Regional Sales Manager, and Markey hired as SVP, Team Leader, CRE.

How will Satish Harikrishnan's promotion to SVP, CTO affect Provident Bank (PFS)?

Harikrishnan will set and execute technology strategy and oversee platforms, infrastructure, cybersecurity, and vendor relationships.

What experience does new SVP Shyam Nair bring to Provident Bank (PFS)?

Shyam Nair brings over 20 years of data and technology experience and led a cloud-based data modernization at Texas Capital.

What is Andrew Markey's role and background at Provident Bank (PFS)?

Markey joins as SVP, Team Leader, Commercial Real Estate with over 30 years of CRE lending and portfolio management experience in NJ and PA.

When did Linda Martin join Provident Bank and what is her new role (PFS)?

Linda Martin joined Provident in 2023 and was promoted to SVP, Regional Sales Manager, Central Region.