As giant financial institutions are brought to their knees by current market conditions, the oldest bank in New Jersey remains strong.
Founded in 1839, The Provident Bank is the oldest bank chartered in New Jersey. This bank survived the stock market crash in 1987, the Great Depression in the 1930s, the savings and loan crisis in the 1980s, the junk bonds collapse in the 1990s, the dot-com bust in 2000 and the most recent sub-prime lending crisis which has ensnared so many other financial institutions.
Provident has once again demonstrated its responsible decision making. “We did not get caught up in exotic lending and investing practices,” said Chris Martin, president of The Provident Bank.
“We establish and maintain relationships with our customers. We work with them to meet their lending needs. This includes ensuring that they will be able to stay within the terms of their loan,” said Martin. ”Our loan approvals are made by informed decision makers who are familiar with the local economic climate. And we hold on to most of our loans, so we have the ability to work with our customers if they get in over their heads financially.”
“Not only is Provident safe and sound,” said Martin, “but we are also offering one of the highest interest rates in New Jersey with one of our checking accounts.” Provident Smart Checking provides a 5.01 percent interest rate when certain criteria are met.
“It is no surprise that in an economy where every penny counts, Provident Smart Checking received a very warm welcome,” said Martin. “We created this account in response to our customers’ needs. We saw a demand and met it. That is what inspires loyalty in our customers.
“This loyalty is part of the reason that we have been so successful. It is also part of why we have seen recent success with our small business and commercial lending divisions. In this time of turmoil, people are turning to banks that they know they can rely on.”
About The Provident Bank
With $4.2 billion in deposits, The Provident Bank serves its customers via a network of 83 branches throughout northern and central New Jersey. The Provident Bank is the wholly-owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS) which reported assets of $6.4 billion as of June 30, 2008.