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Slide #52. Provident Financial Services, Inc. — Team Capital Bank
Provident Financial Services, Inc. (NYSE:PFS)
Team Capital Bank
Provident Financial Services, Inc. (NYSE:PFS) and Team Capital Bank (PRIVATE:PA) have received approvals from the Federal Deposit Insurance Corporation, the New Jersey Department of Banking and Insurance, and the Pennsylvania Department of Banking and Securities to complete the merger of Team Capital Bank with and into Provident's bank subsidiary, The Provident Bank. The Federal Reserve Board has advised that the merger does not require its approval.
Provident Financial Services is a holding company. Through its subsidiary, Provident Bank (the Bank), Co. accepts deposits from the public and businesses primarily in the areas surrounding its banking offices and uses those funds, together with funds generated from operations and borrowings, to originate commercial real estate loans, commercial business loans, residential mortgage loans, and consumer loans. The Bank also invests in mortgage-backed securities and other permissible investments. Co.'s deposit products include savings accounts, checking accounts, interest-bearing checking accounts, money market deposit accounts and certificate of deposit accounts.
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Hold (2.50 out of 4)