The Provident Named to Top 10 List for C&I Growth in the U.S.
The Provident experienced 45% growth in C&I Loans YoY from 2016-2017 catapulting the bank to the top 10 in two categories nationwide.
(AMESBURY, MA., April 19, 2018) – In an industry where C&I (Commercial and Industrial) lending has historically been associated with “big banks”, a smaller bank with the same capacity has emerged as a leader in the industry.
The Provident Bank was recently named in the Top 10 List for C&I Loans in the United States for banks under one billion dollars in assets in an American Bankers article. With 45% Q4 2017 year-over-year growth in C&I lending, The Provident was listed seventh for % Change for Commercial and Industrial Loans, and tenth for Commercial and Industrial Loans by Total Loans and Leases in 2017.
In 2014, The Provident made a decision to focus its resources on increasing its C&I offerings as part of a broader strategic initiative to serve the needs of small to medium-sized businesses. “Small and medium size businesses are significant contributors to the economic fabric of our community,” comments Dave Mansfield, CEO of The Provident Bank. “We want to make sure we provide each business with the banking tools they need along with the exceptional level of service they deserve so they may grow and succeed.”
It was then that The Provident decided to redefine its purpose and change the bank’s products in order to serve the needs of small to medium-sized businesses whose needs were insufficiently met. It removed its residential mortgage lending product since customers could easily obtain this elsewhere, restructured some of its consumer products, and moved full force into its commercial lending niches.
“We are a bank that looks at what is happening in the commercial-banking landscape, and adjusts our services to fit that landscape,” explains Mansfield. “In additional to traditional commercial loans, we have developed niches in our lending based on needs we uncovered by listening to our customers - specifically in Mergers & Acquisitions, International Financing and Renewable Energy. These three areas in particular require extensive experience and expertise. We invested in our overall lending team, added new commercial lenders to our staff with expertise in those areas, and also added a senior level credit officer to our team. That has proven to be a valuable asset to The Provident, and to the businesses we serve.”
“Having worked at larger lending institutions, I often turned away loan requests that were too small or didn’t have enough assets, but had cash flow,” comments Brent Mathews, SVP, Commercial Lending Officer. “Joining The Provident Bank enables me to fund $2 – 15MM in acquisition debt financing on a cash flow and enterprise value basis. It’s great being able to provide sophisticated financing solutions to smaller, well-run companies.”
The Provident is on an upward trajectory, experiencing steady growth in commercial financing by listening to its customers and carving out niches to serve the needs of small and medium-sized businesses.
“This is what we are all about, and that’s why we made the top ten list in two categories last year,” explains Mansfield. “The Provident Bank takes care of businesses because when businesses succeed, the owners, employees and entire community thrive – we all grow together.”
About The Provident
The Provident Bank, a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC), is an innovative, commercial bank that finds solutions for our business and private clients. We are committed to strengthening the economic development of the regions we serve, by working closely with businesses and private clients and delivering superior products and high-touch services to meet their banking needs. The Provident has offices in Massachusetts and New Hampshire. All deposits are insured in full through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).