07/01/2019 | Press release | Distributed by Public on 07/01/2019 09:20
(AMESBURY, MA., July 1, 2019) - In an industry where C&I (Commercial and Industrial) lending has historically been associated with 'big banks', a smaller yet agile bank continues to emerge as a leader in the banking industry.
The Provident Bank was recently ranked 2nd in the U.S. for C&I Loans by Total Loans for banks under $1 billion in assets by American Banker, a publication viewed by many bank executives as the industry standard for banking news and information. This is a major achievement considering just five years ago the bank was ranked 197th on the list. The ranking is based on The Provident's 51% Q4 2018 year-over-year growth in C&I loans and leases. 5,415 institutions across the U.S. were evaluated for their C&I portfolios, and the top 200 were published in the American Banker listing.
This top ranking by American Banker marks a significant milestone in terms of The Provident Bank's strategic vision. In 2014, The Provident made a decision to focus substantial resources on increasing its commercial offerings as part of a broader strategic initiative to serve the needs of small to medium-sized businesses.
The Provident credits much of its steady growth in commercial financing to the practice of listening to customers and carving out specialties to serve their needs.
'We are a bank that continually evaluates and adjusts to the lending landscape. We ask, where are there gaps in the market, what needs are going unmet, and how can The Provident develop products and services to fill those needs?' explains Dave Mansfield, CEO at The Provident Bank. 'We realized that by focusing our attention on small to medium-sized businesses, we are able to offer specialized lending solutions that are not usually found at banks our size. For C&I clients that means customized, one-on-one attention that the big banks just can't offer.'
In addition to traditional commercial loans, The Provident has developed lending specialties based on customer needs - specifically in Mergers & Acquisitions, International Financing and Renewable Energy. Because these three areas in particular require extensive experience and expertise, The Provident invested in its overall lending team by adding new commercial lenders with expertise in those areas. The Provident has also extended its reach by adding lenders in the Boston market, and by developing a Search Fund Lending Center that now operates nationwide. These unique investments have helped The Provident secure the number 2 positon in C&I Loans by Total Loans in the U.S.'
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).