The Provident Bank Opening New Operations in Portsmouth
The Provident purchased a new location to accommodate growing operations and commitment to New Hampshire.
Portsmouth, NH, February 1, 2017 – The Provident is pleased to announce the bank’s executive team and seacoast senior lenders will be moving their offices from Amesbury, Massachusetts to Portsmouth, New Hampshire. The bank purchased a new location at 25 Maplewood Avenue to accommodate growing operations and its commitment to New Hampshire. The property will be redeveloped, staying in-line with Portsmouth’s historic landscape.
“The Provident has experienced tremendous growth over the past few years and our headquarters in Amesbury, Massachusetts no longer had enough space to accommodate that growth,” stated Dave Mansfield, CEO of The Provident. “We spent a long time looking for a new property and believe this Portsmouth location will be ideal for our seacoast lending headquarters. Additionally, we want the community to know that this move reinforces The Provident’s commitment to New Hampshire.”
The Provident will retain its retail location on 21 Daniel Street and plans to work with the city of Portsmouth to enhance the Maplewood Avenue property in order to make sure it remains consistent with the look and feel of the neighborhood, while maintaining the charm and character of the city of Portsmouth.
“We are excited about having a new neighbor and business come to Portsmouth,” stated Portsmouth’s Mayor Jack Blalock. “The Provident has been a good community partner with their retail location on Daniel Street. We are delighted they are going to expand their operations in the city and look forward to improvements being made to the Maplewood Avenue location.”
This has been a tremendous year of growth for the Provident. In 2016, The Bank was named New Hampshire’s SBA 7(a) Leading Lender in Total Dollars for the third year in a row, and is the only locally headquartered bank to be a delegated lender with the Export/Import Bank of the U.S. and offer its own SWIFT code. The Provident also just announced a new unique partnership with New Hampshire’s Department of Resources and Economic Development to provide companies seeking to start or expand their exporting business, with a variety of educational opportunities and pathways toward achieving their goals. Additionally, because of financial support provided by The Provident, the New Hampshire Export Expansion Fund has been broadened to become the New England Export Expansion Fund, helping even more companies throughout the region.
While members of the executive team and senior seacoast lenders will be working out of the new Portsmouth location, the bank will remain headquartered in Amesbury, Massachusetts.
“We are committed to growing our operations in New Hampshire, but are also committed to Massachusetts and working with all our customers as we continue to grow. Also, our charter in Massachusetts allows us to offer DIF insurance to all of our customers,” stated Mansfield. “DIF is a real differentiator for The Provident because it means all deposits are insured one hundred percent, not just to the current FDIC limit of $250,000 per depositor, per bank. That’s a real point of distinction for us.”
About The Provident
The Provident is an innovative, commercial bank that finds solutions for our business clients. We are committed to strengthening the economic development of the regions we serve, by working closely with businesses 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).