Company Profile
- Provident Financial Services, Inc. (NYSE: PFS) (“Provident” or “the company”) is the BHC primarily reflecting the operations of lead subsidiary, Provident Bank (“the bank”), which operates 140 branches, mainly in NJ, where it holds the second-largest deposit market share among locally headquartered banks. PFS also has a smaller though expanding presence in Eastern PA and NY.
- In recent years, the growth strategy has combined whole-bank and non-bank acquisitions to supplement organic growth, successfully diversifying its footprint and strengthening fee income sources. The 2Q24 merger with Lakeland Bancorp, Inc. (“Lakeland”) was its largest and most significant transaction to date, adding $11 billion in assets and considerable scale in NJ. While branch networks largely overlap, the merger enhances lending…