Provident Bank of New Jersey

Provident Financial Services, Inc.
Company type	Public
Industry	Banking
Founded	1839
Headquarters	Jersey City, United States
Area served	New Jersey, New York, eastern Pennsylvania
Products	Deposit, loan, investment solutions; trust, fiduciary, and wealth management services

Provident Financial Services, Inc. functions as the holding company for Provident Bank, which was founded in 1839. It provides a wide array of deposit, loan, and investment solutions to businesses, individuals, and families throughout New Jersey, New York, and eastern Pennsylvania. Additionally, through its wholly owned subsidiary Beacon Trust Company, it delivers trust, fiduciary, and wealth management services.

As the third largest bank headquartered in New Jersey by deposit market share, Provident Bank holds the distinction of being the state’s longest-standing community bank.

Corporate history

Originally chartered in 1839 under the name Provident Institution for Savings, it was recognized as New Jersey’s inaugural mutual savings bank. The first president was John F. Ellis (1839–1841), succeeded by co-founder Dudley S. Gregory, who led until 1874. The bank’s initial deposit amounted to $227 in 1843 during a period of widespread financial skepticism following the Panic of 1837. Its operations commenced at Temperance Hall in Jersey City before moving to Treasurer Peter Bentley’s office in 1846. By 1875, Provident's assets had grown to $3.5 million.

A significant incident occurred in 1882 when a bank run was sparked by Treasurer Edmund W. Kingsland’s attempted suicide; however, public confidence was restored after an independent audit verified the integrity of accounts. Kingsland survived this event.

In 1989, Provident Savings Bank marked its 150th anniversary, celebrating more than a century of consistent growth and market presence.

Acquisition of The First National Bank of Dunellen

In 1978, Provident made history by acquiring the First National Bank of Dunellen—the first instance of a savings bank purchasing a commercial bank. This acquisition boosted Provident’s assets by $20 million and added two new branches located in Dunellen and Green Brook, thereby broadening its market reach.

Merger with Bloomfield Savings Bank

The 1983 merger with Bloomfield Savings Institution resulted in a combined entity with assets surpassing one billion dollars. This strategic consolidation reinforced Provident’s status as a prominent financial institution within the region.

Team Capital

In 2014, Provident expanded its regional influence and product portfolio through a merger with Pennsylvania-based Team Capital.

SB One Bank acquisition

Provident announced in March 2020 its intention to acquire SB One Bank (previously Sussex Bank) for $208.9 million. The transaction was finalized on July 31, 2020, enhancing Provident’s market share and diversifying its business operations across New Jersey.

Lakeland Bank acquisition

In September 2022, Provident agreed to purchase Lakeland Bancorp, Inc. (NASDAQ: LBAI), the parent company of Lakeland Bank headquartered in Oak Ridge, New Jersey, for roughly $1.3 billion. This strategic move, completed in early 2024, established Provident as New Jersey’s leading super-community banking franchise. The integration of Lakeland Bank into Provident was planned for September 3, 2024.

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