, Newburyport, MA

Local News

May 21, 2013

Provident Bank reports strong earnings, growth

AMESBURY — The Provident Bank reported strong earnings, growth and continued community leadership as well as a planned executive leadership transition in fiscal year 2012. Executive chairman Charlie Cullen announced these year-end results and other accomplishments at Provident Bancorp’s Annual Meeting on May 8 at Blue Ocean Music Hall in Salisbury.

The Provident Bank ended fiscal year 2012 with total assets exceeding $576 million, a 9 percent increase over year-end 2011. Core earnings were $2.5 million. Deposits of $436 million reflect an increase of 12 percent compared to fiscal year 2011, and loans of $382 million represent a 9 percent increase. The Bank also continued giving back to communities with a generous level of contributions through its Provident Community Foundation grants and Bank charitable donations in 2012.

Board chairman corporators elected; new board members named

Outgoing Trustee Chairman of Provident Bancorp, Salisbury resident Wayne S. Tatro was recognized for his service and Lorraine E. Sanborn of Amesbury was appointed as the incoming chairman. More than 90 business and community leaders advise The Provident Bank as trustees and corporators of Provident Bancorp. In addition, the following 13 new corporators were elected: Adria M. Bagshaw, vice president of W.H. Bagshaw of Nashua, N.H.; Michael J. Cebula of Newburyport; Gary E. Coltin, executive vice president of The Provident Bank, Amesbury; Lawrence Crampsey, president of ImageWise Graphic Design of Hampton, N.H.; Daniel F. Cronin, president of CGI of Manchester, N.H.; William F. Cronin III, manager member of Quick Services LLC, of Portsmouth, N.H.; Lisa B. DeStefano, architect, of Portsmouth, NH; Brook A. Gassner, restauranteur, of Portsmouth, N.H.; Neil J. Gibb, managing member of 100 Club Concepts LLC, of Portsmouth, N.H.; David P. Mansfield, chief executive officer, The Provident Bank; John E. Meehan, executive manager of Flatbread, of Hampton, N.H.; Charles F. Withee, president of The Provident Bank, Hampton, N.H.; Caroline B. Zappasodi, publishing, of Amesbury.

Creative Contributions

In 2012, The Provident Bank and The Provident Community Foundation gave back $355,000 to charitable organizations dedicated to improving the quality of life in the communities the Bank serves. Since 1998, The Provident Bank and The Provident Community Foundation have awarded more than $4 million in grants to a wide range of civic, cultural, and educational organizations in Massachusetts and the New Hampshire Seacoast region.

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