Wealth chief Valerie Murray exits Provident Financial (NYSE: PFS) with payout

Rhea-AI Filing Summary

Provident Financial Services, Inc. disclosed that Valerie O. Murray, President of Beacon Trust Company and Executive Vice President and Chief Wealth Management Officer of Provident Bank, has decided to leave the organization, with her resignation effective May 22, 2026.

Under a Separation Agreement and General Release, she will go on paid “garden leave” from March 27, 2026 through May 22, 2026, moving to a non-executive role while continuing to receive salary and benefits. Subject to customary conditions, including a full release of claims, she will receive a lump-sum payment of $1,200,000, less taxes. The company states her resignation is not related to any disagreement over operations, policies or practices.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 27, 2026

PROVIDENT FINANCIAL SERVICES, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware		001-31566		42-1547151
(State or Other Jurisdiction of Incorporation)		(Commission File No.)		(I.R.S. Employer Identification No.)
239 Washington Street, Jersey City, New Jersey				07302
(Address of Principal Executive Offices)				(Zip Code)
Registrant's telephone number, including area code 732-590-9200

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol Symbol(s)		Name of each exchange on which registered
Common		PFS		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Principal Officers

On February 27, 2026, Valerie O. Murray, President of Beacon Trust Company and Executive Vice President and Chief Wealth Management Officer of Provident Bank, announced her decision to depart from her positions to pursue other opportunities, which resignation will be effective as of May 22, 2026.

The executive’s resignation is not related to a disagreement with Provident Financial Services, Inc., Provident Bank (together, the “Company”) or Beacon Trust Company on any matter relating to the Company or Beacon Trust Company’s operations, policies or practices.

The Company expresses its appreciation for Ms. Murray’s leadership, meaningful contributions, and wishes her continued success in her future endeavors.

Pursuant to that notification by Ms. Murray, the Company and Beacon Trust Company entered into a Separation Agreement and General Release with Ms. Murray (the “Agreement”).  Pursuant to the Agreement, Ms. Murray will be placed on “garden leave” for the period commencing on March 27, 2026 and ending on May 22, 2026 (such period, the “Garden Leave Term”).  During the Garden Leave Term, Ms. Murray will transition into a non-executive role and continue to receive her base salary and participate in the Company’s employee benefits.  Subject to certain conditions set forth in the Agreement, which includes a full and final release of claims, Ms. Murray will be entitled to receive a lump sum payment of $1,200,000, less required tax withholding, among other items.  The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the copy of the Agreement filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference into this Item 5.02(e).

Item 9.01. Financial Statements and Exhibits

(a) Financial Statements of Businesses Acquired.  Not applicable.

(b) Pro Forma Financial Information.  Not applicable.

(c) Shell Company Transactions.  Not applicable.

(d) Exhibits.

Exhibit No. Description

10.1 Separation Agreement and General Release

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

			PROVIDENT FINANCIAL SERVICES, INC.
DATE:	March 5, 2026	By:	/s/ Bennett MacDougall
			Bennett MacDougall
			EVP, General Counsel & Corporate Secretary

FAQ

What executive change did Provident Financial Services (PFS) disclose?

Provident Financial Services announced that Valerie O. Murray will resign as President of Beacon Trust Company and Executive Vice President and Chief Wealth Management Officer of Provident Bank, with her departure effective May 22, 2026, following a defined garden leave period.

When is Valerie O. Murray’s resignation from PFS effective?

Her resignation becomes effective on May 22, 2026. Before that date, she will be on garden leave from March 27, 2026, transitioning into a non-executive role while continuing to receive base salary and employee benefits during this period.

Why is Valerie O. Murray leaving Provident Financial Services (PFS)?

Valerie O. Murray is departing to pursue other opportunities. The company explicitly notes that her resignation is not related to any disagreement with Provident Financial Services, Provident Bank, or Beacon Trust Company regarding operations, policies, or practices.

What severance payment will Valerie O. Murray receive from PFS?

Subject to conditions in her separation agreement, Valerie O. Murray will receive a lump-sum payment of $1,200,000, less required tax withholding. This payment is tied to a full and final release of claims and other customary provisions in the agreement.

What is the garden leave arrangement in Valerie O. Murray’s exit from PFS?

From March 27, 2026 through May 22, 2026, Valerie O. Murray will be on garden leave, shifting to a non-executive role while continuing to receive her base salary and participate in Provident Financial Services’ employee benefit plans during this transition period.

Did Provident Financial Services (PFS) report any disagreement with Valerie O. Murray?

No. Provident Financial Services states that Valerie O. Murray’s resignation is not due to any disagreement with the company, Provident Bank, or Beacon Trust Company on matters related to operations, policies, or practices, and expresses appreciation for her leadership and contributions.

Filing Exhibits & Attachments

4 documents

Other Documents

• EX-10 SEPARATION AGREEMENT AND GENERAL RELEASE 83.7 KB
• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 21.5 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 15.7 KB