The Provident Bank Awarded Prestigious President’s “E” Award
Chuck Withee, President and CLO of The Provident Bank indicates this long-standing award, created by Executive Order of the President, is the highest recognition that any American entity can receive for their contribution in expanding U.S. exports. While some 50 organizations are recognized nationwide for this award, The Provident Bank is the only bank receiving the honor this year. Withee says that speaks volumes to The Provident’s commitment to helping small and medium business clients grow globally.
“When a Provident business client expands globally, the positive economic impact can be felt right here in our community,” says CEO Dave Mansfield. “Our innovative team has the experience needed to manage the complexity of export financing, and with The Provident’s comprehensive suite of specialty banking products and exceptional one-on-one customer service, small and medium business clients are able to go global while thriving here at home.”
The Provident Bank export services include the ability to execute international wire transfers, and provide business clients export working capital lines of credit backed by a 90% guarantee from EXIM Bank, which allows for the issuance of standby letters of credit. All of this enables clients to secure the financing they need for successful exporting.
“We have been impressed with The Provident’s results and think it is deserving of this highest Presidential award for exports,” says Michelle Ouellette, Senior International Trade Specialist, U.S. Department of Commerce. “The bank has been a valuable supporter of New England companies. It assisted with the expansion of the New England Export Expansion Fund, partnered with local agencies, sponsored educational seminars, and worked closely with us to develop the Export Compliance Fund Program. We were proud work with The Provident Bank to help New England exporters reach new markets.”
The President’s “E” Award was presented to The Provident Bank by U.S. Secretary of Commerce, Wilbur Ross, at a ceremony at the U.S. Department of Commerce Office in Washington, DC on May 23rd. The award was accepted by The Provident Bank’s CEO, Dave Mansfield; President and CLO, Chuck Withee; and SVP, International Finance Officer, Leanne Spees.
“The Provident Bank has demonstrated a sustained commitment to export expansion,” said Secretary Ross in his congratulatory letter to The Provident announcing its selection as an award recipient. “The “E” Awards Committee was very impressed with the company’s measurable growth in its clients’ export sales. The company’s partnership to create the Massachusetts Export Compliance Fund was also particularly notable. The Provident Bank’s achievements have undoubtedly contributed to national export expansion efforts that support the U.S. economy and create American jobs.”
In 2018, U.S. exports were the highest on record with U.S. services at $821.1 billion and U.S. exports of goods reaching $1.7 trillion, demonstrating how American private enterprise can not only survive, but thrive, in the international market.
“There’s a growing need for export financing services, which is why The Provident is developing partnerships to create innovative export education and support programs for small to medium-sized businesses,” says Chuck Withee, President & CLO of The Provident Bank. “We are proud to offer international finance expertise to support our clients, and are a delegated authority with the Export-Import Bank of the United States. That level of commitment is vital when a business is building for scale. It’s what The Provident team is all about. We uncover a specialty need, and build a solid program around it.”
History of The President’s “E” Awards
During World War II, more than 4,000 “E” Pennants were presented to war plants in recognition of production excellence. The famous flag with the big “E” emblazoned on it became a badge of patriotism in action.
President Kennedy revived the World War II “E” symbol of excellence to honor and provide recognition to America’s exporters. This, the “E” Award Program was established by Executive Order 10978 on December 5, 1961. The “E Star” was authorized in 1969 to recognize “E” Award winners for continued efforts in export expansion.
To learn more about The President’s “E” and “E Star” Awards, visit: https://2016.export.gov/exportawards/
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).