The Provident Bank Announces New Board Member and Board Chair at Annual Meeting

(Portsmouth, NH, May 31, 2016) –The Provident Bank is pleased to announce the addition of new board member Arthur Sullivan and the election of John Bosen, who will serve as Chairman of the bank’s Board of Directors. Bosen succeeds Charlie Cullen who has served on the Board since 1998.

Arthur Sullivan is a Principal Partner of Brady Sullivan Properties based in Manchester, NH, and is a 37-year Commercial and Real Estate industry veteran. Under his leadership, Brady Sullivan has successfully procured and managed a diverse portfolio of over four million square feet of mill, office and industrial space, over two thousand residential units and over five thousand condominium conversions throughout New England and Florida. Mr. Sullivan is the recipient of the 2013 Commerce Citizen of the Year Award from the Manchester Chamber of Commerce and belongs to several boards and non-profit organizations.

“I am pleased to be joining the Board of Directors at The Provident Bank,” stated Sullivan. “The Bank has impressed me for a long time as being extremely customer-centric and providing the best value in the banking industry in New England. I am honored to be joining the team and help elevate The Provident Bank’s brand and deposits.”

“Arthur Sullivan is well-known in the Manchester Bedford area for his work in the commercial real estate markets as well as for his philanthropy. We know he will be a strong force on the bank’s board and help us achieve greater success in those marketplaces,” stated The Provident Bank CEO, David Mansfield. “We look forward to working with him and learning from his expertise.”

 “We are proud that for the past two years in a row, The Provident Bank was named by the U.S. Small Business Administration as the lender of the year in New Hampshire,” stated Board Chair John Bosen. “We will continue to drive the bank toward even more success in the future. I am excited to be working with this talented team of exceptional business partners.”

The Provident Bank also announced at its annual meeting that its 2015 total assets grew $84 million to $743 million - up more than 12% from 2014. Gross loans also increased $62 million for that period and total deposits were up $40 million. The bank is continuing to increase its charitable giving programs. Most recently the Our Community Your E-Vote campaign (completed in May) increased from $20K in 2015 to $50K in 2016. Soon the Bank will be introducing its Leadership Giving Campaign designed to provide impactful gifts to the community for up to $100K for specific topics challenging communities in its market areas.

“I think those figures show our success is continuing,” stated Mansfield. “Our mission is to be the best commercial bank in the area, providing a signature experience to customers with customizable products and unparalleled service. We just received a 5-Star Rating from Bauer Financial and are continuing to increase our charitable giving programs. We look forward to working with our new board members and current team to continue to focus on our community outreach and market share.”

Established in 1828, The Provident Bank, the 10th oldest bank in the country, is an independent, mutually-controlled, full-service community bank with a focus in commercial lending and business services with offices in Amesbury and Newburyport, Massachusetts and Bedford, Exeter, Hampton, Portsmouth and Seabrook, New Hampshire. The Bank is dedicated to the goal of being the highest-performing bank, providing excellence in service to our customers, our communities and our employees. 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).