Provident Monetary Providers, Inc. Broadcasts Launch of Subordinated Notes Providing – TipRanks Monetary Weblog

ISELIN, N.J., Might 09, 2024 (GLOBE NEWSWIRE) — Provident Monetary Providers, Inc. (NYSE:PFS) (the “Firm”), the holding firm for Provident Financial institution (the “Financial institution”), right this moment introduced that it intends to supply, topic to market and different situations, $200 million mixture principal quantity of subordinated notes due 2034 (the “Notes”) in a registered public providing, (the “Providing”). The Notes are supposed to qualify as Tier 2 capital for regulatory functions.

The aim of the Providing is to fulfill sure beforehand introduced regulatory situations that have been agreed to in reference to the merger (the “Merger Transaction”) between the Firm and Lakeland Bancorp, Inc. (“Lakeland”). The Firm intends to speculate the entire web proceeds from the Providing within the Financial institution. The Financial institution expects that the online proceeds might be initially invested in securities and used for different basic company functions, which can embrace the reimbursement of Federal Residence Mortgage Financial institution advances and different indebtedness.

Piper Sandler & Co. and Keefe, Bruyette & Woods, A Stifel Firm are appearing as joint book-running managers for the Providing.

This press launch is neither a suggestion to promote nor a solicitation of a suggestion to buy any securities of the Firm. There might be no sale of securities in any jurisdiction by which such a suggestion, solicitation or sale could be illegal previous to registration or qualification beneath the securities legal guidelines of any such jurisdiction. Any provide to promote or solicitation of a suggestion to buy securities of the Firm might be made solely pursuant to a prospectus complement and prospectus filed with the Securities and Trade Fee (the “SEC”). The Firm has filed a registration assertion (together with a prospectus) (File No. 333-275213) and a preliminary prospectus complement with the SEC for the Providing to which this press launch relates. Earlier than investing determination, you need to learn the prospectus and preliminary prospectus complement and different paperwork that the Firm has filed with the SEC for added details about the Firm and the Providing.

Copies of the preliminary prospectus complement and accompanying base prospectus regarding the Providing might be obtained with out cost by visiting the SEC’s web site at www.sec.gov, or could also be obtained by emailing Piper Sandler & Co. at fsg-dcm@psc.com or by emailing Keefe, Bruyette & Woods, A Stifel Firm at USCapitalMarkets@kbw.com.

About Provident

Provident Monetary Providers, Inc. (NYSE: PFS) is the holding firm for Provident Financial institution, a New Jersey State-charted community-oriented financial institution providing “Dedication you possibly can rely on” since 1839. Provident Financial institution supplies a complete array of monetary services and products via its community of branches all through northern and central New Jersey, Bucks, Lehigh and Northampton counties in Pennsylvania, in addition to Queens and Nassau Counties in New York. The Financial institution additionally supplies fiduciary and wealth administration providers via its wholly owned subsidiary, Beacon Belief Firm, and insurance coverage providers via its wholly owned subsidiary, Provident Safety Plus, Inc.

Ahead-Trying Statements

This information launch accommodates quite a few forward-looking statements throughout the which means of Part 27A of the Securities Act of 1933, as amended and Part 21E of the Securities Trade Act of 1934, as amended (the “Trade Act”). These statements could also be recognized by use of phrases akin to “anticipate,” “imagine,” “proceed,” “may,” “estimate,” “count on,” “intend,” “seemingly,” “could,” “outlook,” “plan,” “potential,” “predict,” “challenge,” “ought to,” “will,” “would” and comparable phrases and phrases, together with references to assumptions.

The forward-looking statements mirror the Firm’s present views about future occasions and monetary efficiency and are topic to dangers, uncertainties, assumptions and modifications in circumstances that will trigger our precise outcomes to vary considerably from historic outcomes and people expressed in any ahead trying assertion. Some elements that might trigger precise outcomes to vary materially from historic or anticipated outcomes embrace, however aren’t restricted to, these set forth in Merchandise 1A of the Firm’s Annual Report on Type 10-Okay, as could also be supplemented by its Quarterly Experiences on Type 10-Q and Present Experiences on Type 8-Okay, and people associated to the financial surroundings, significantly available in the market areas by which the Firm operates; inflation and unemployment; aggressive merchandise and pricing; actual property values; fiscal and financial insurance policies of the U.S. Authorities; modifications in accounting insurance policies and practices which may be adopted by the regulatory businesses and the accounting requirements setters; modifications in authorities rules affecting monetary establishments, together with regulatory charges and capital necessities; modifications in prevailing rates of interest; acquisitions and the mixing of acquired companies; credit score threat administration; asset-liability administration; the monetary and securities markets, the supply of and prices related to sources of liquidity; the flexibility of the Firm to finish the Providing on anticipated phrases or in any respect; the chance that the Merger Transaction doesn’t shut when anticipated or in any respect; the chance that any bulletins regarding the Providing or the Merger Transaction may have hostile results in the marketplace worth of the Firm’s widespread inventory; dangers associated to the potential influence of basic financial, political and market elements on the Firm or the Providing; and uncertainty as to the impacts of pure disasters or well being epidemics on the Firm.

The Firm cautions readers to not place undue reliance on any such forward-looking statements which converse solely as of the date they’re made. The Firm advises readers that the elements listed above may have an effect on the Firm’s monetary efficiency and will trigger the Firm’s precise outcomes for future intervals to vary materially from any opinions or statements expressed with respect to future intervals in any present statements. The Firm doesn’t assume and expressly disclaims any obligation, and doesn’t undertake, to replace any forward-looking statements on this presentation to mirror occasions or circumstances after the date of this assertion or in any other case.