Provident Expands Commercial Lending Team as Part of Regional Growth Strategy for Eastern Pennsylvania
Rhea-AI Summary
Provident Bank announces the addition of six experienced commercial lenders to strengthen its presence in eastern Pennsylvania. The new team members - Matthew Moresco, Matthew Skilton, Gerald Bresser, Michael Valenzano, Patrick Beaner, and Daniel Decker - bring over 100 years of combined experience in financial services. The strategic hires include two Senior Vice Presidents as Commercial Banking Team Leaders and four Vice Presidents specializing in C&I and CRE relationship management. This expansion aims to drive commercial loan and deposit growth while enhancing the bank's non-bank products and customer experience in the region.
Positive
- Strategic expansion of commercial lending team with 6 experienced professionals
- Addition of senior leadership with proven track records in commercial banking
- Geographic expansion into eastern Pennsylvania market
Negative
- None.
Insights
This hiring announcement reflects a significant expansion of Provident Bank's commercial lending capabilities in eastern Pennsylvania, but has immediate impact on stock performance. While the addition of six experienced lenders with over 100 years of combined experience strengthens their market position, particularly in C&I and CRE lending, the financial impact will take time to materialize.
Most notably, the strategic poaching of talent from Republic Bank, TD Bank and Truist Bank suggests an aggressive growth strategy in the competitive Philadelphia metro market. The team's extensive experience in commercial real estate and business lending could drive loan portfolio growth and fee income generation in the medium term. However, investors should note that the associated costs of these senior hires may impact near-term expenses.
Bank Adds 6 Experienced Lenders to its C&I And CRE Teams, Representing 100+ Years of Combined Industry Experience
PLYMOUTH MEETING, Pa., Nov. 19, 2024 (GLOBE NEWSWIRE) -- Provident Bank, a leading community-focused financial institution, is pleased to announce the addition of six experienced lenders in the commercial banking space: Matthew Moresco, Matthew Skilton, Gerald Bresser, Michael Valenzano, Patrick Beaner, and Daniel Decker. These strategic hires come as part of the company’s efforts to strengthen its presence and commitment to businesses throughout eastern Pennsylvania.
These individuals possess more than 100 years of combined experience in the financial services industry, bringing deep market knowledge, and proven operational success to their respective roles. Each new team member will drive commercial loan and deposit growth, while expanding Provident’s non-bank products with customers in the region. The addition of these team members will enable Provident to further enhance its customer experience, scale operations, and accelerate growth across eastern Pennsylvania.
- Matthew Moresco, joining as Senior Vice President, Commercial Banking Team Leader, was most recently an SVP at Republic Bank and previously with Commerce Bank and TD Bank. With more than 25 years in commercial lending Matthew brings his expertise and market knowledge to the bank. At Republic Bank he directed a team of commercial bankers managing relationships and business development across Suburban Pennsylvania and Southern New Jersey.
- Matthew Skilton, joining as Senior Vice President, Commercial Banking Team Leader, is a former SVP at Republic Bank where he led a team of commercial bankers in the City of Philadelphia and Metro Philadelphia markets. With more than 20 years of commercial banking experience, he has a proven track record in business development, portfolio management, and SBA lending. Matthew has previously held banking positions with Commerce Bank and TD Bank.
- Gerald Bresser, joining as Vice President, C&I Relationship Manager, is an experienced Commercial Lender with more than two decades of expertise at Republic Bank, TD Bank and Commerce Bank. He has successfully managed commercial loan portfolios, focusing on C&I and CRE loans. He has a strong background in credit analysis, relationship management, and lending across a wide range of industries.
- Michael Valenzano, joining as a Vice President, C&I Relationship Manager, is a former Assistant Vice President and Relationship Manager at Republic Bank where he excelled at business development as a Commercial and Real Estate Lender in the Metro Philadelphia market.
- Patrick Beaner, joining as a Vice President, CRE Relationship Manager, is a seasoned commercial real estate lender formerly from Univest Bank & Trust Co. With more than 15 years of expertise in commercial real estate (CRE) and finance, he developed and managed a substantial CRE portfolio, consistently closing multimillion-dollar deals and generating significant fee income. Patrick will work closely with institutional and private real estate investors, owners and developers to offer a variety of deposit and lending solutions.
- Daniel Decker, joining as a Vice President, CRE Relationship Manager, brings more than 35 years of industry experience to the team. Most recently, he was a Vice President and CRE relationship manager with Truist Bank, where he managed a considerable CRE portfolio and drove new loan production for commercial real estate and construction financing throughout New Jersey and the Delaware Valley. Daniel has also held positions with Fulton Bank, Commerce Bank, and Liberty Bell Bank.
“I am thrilled to welcome Matthew, Matt, Gerald, and Michael, to the team,” said John Andreacio, Senior Vice President, Regional Director, Commercial Lending. “As we extend our reach and capabilities across eastern Pennsylvania, their leadership and insights into the local markets will be instrumental in positioning us for success. Their experience will help us continue to meet the financial needs of businesses in the region.”
"As we continue to grow our commercial real estate team, Patrick’s and Daniel’s experience and ability to understand the credit needs of real estate owners and developers will strengthen our presence throughout eastern Pennsylvania,” shared Christine Carpenter, Senior Vice President, Regional Director, CRE Lending.
To learn more about Provident Bank’s commercial lending services and solutions click here.
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
Media Contact:
Keith Buscio
Keith.Buscio@provident.bank
Vested
Providentbank@fullyvested.com
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FAQ
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