Provident Bancorp, Inc. (PVBC): History, Ownership, Mission, How It Works & Makes Money

Ever wondered about the story behind Provident Bancorp, Inc. (PVBC), a company with roots stretching back nearly two centuries? As a full-service commercial bank and the holding company for BankProv, Provident Bancorp, Inc. offers a blend of traditional banking and forward-thinking financial solutions, but how exactly does it operate and generate revenue? Join us as we delve into the history of this institution, its ownership structure, its guiding mission, and the mechanics of its business model, including a look at the $7.3 million net income reported for the full year 2024.

Provident Bancorp, Inc. (PVBC) History

Provident Bancorp, Inc. Founding Timeline

Year established

The institution was originally established in 1854.

Original location

The original location was Amesbury, Massachusetts.

Founding team members

Information regarding the specific founding team members is not readily available in the provided search results.

Initial capital/funding

Details on the initial capital or funding at the time of establishment are not available in the provided search results.

Provident Bancorp, Inc. Evolution Milestones

Provident Bancorp, Inc. Transformative Moments

• Mutual to Stock Conversion: The conversion from a mutual to a stock form in 2021 represents a significant strategic shift, allowing the company to access capital markets more readily. This move likely supported growth initiatives and enhanced financial flexibility.
• Registration as a Bank Holding Company: The registration as a bank holding company on August 28, 2019, indicates a structural evolution, providing the institution with greater regulatory oversight and potentially expanding its scope of operations.
• Continued Focus on Community: Maintaining a strong focus on serving the financial needs of local communities has been a consistent theme throughout the company's history. This commitment has likely fostered long-term customer relationships and supported sustainable growth.

For more insights into the investors and motivations behind Provident Bancorp, Inc., check this out: Exploring Provident Bancorp, Inc. (PVBC) Investor Profile: Who’s Buying and Why?

Provident Bancorp, Inc. (PVBC) Ownership Structure

Provident Bancorp, Inc. features a mixed ownership structure, encompassing public shareholders, institutional investors, and potentially some private stakeholders. Understanding this structure is key to grasping the distribution of control and influence within the company.

Provident Bancorp, Inc.'s Current Status

As of April 2025, Provident Bancorp, Inc. (PVBC) operates as a public company. This means its shares are traded on a stock exchange, allowing anyone to buy and sell them. Being a public company brings both opportunities and responsibilities, including increased transparency and regulatory oversight.

Provident Bancorp, Inc.'s Ownership Breakdown

The ownership of Provident Bancorp, Inc. is distributed among various types of shareholders. Here's an overview:

Provident Bancorp, Inc.'s Leadership

The leadership team is crucial for guiding the strategic direction and operational execution of Provident Bancorp, Inc. Key figures include:

• David Mansfield serves as the Chief Executive Officer and President.
• Carol Houle is the Executive Vice President and Chief Financial Officer.
• Thomas Dicker holds the position of Executive Vice President and Chief Lending Officer.
• Michael Toohey acts as the Executive Vice President and Chief Risk Officer.

For more detailed insights into the dynamics of ownership and investor behavior, check out: Exploring Provident Bancorp, Inc. (PVBC) Investor Profile: Who’s Buying and Why?

Provident Bancorp, Inc. (PVBC) Mission and Values

Provident Bancorp operates with a commitment to serving its customers and communities, guided by a set of core values that emphasize integrity, customer focus, and community support.

Provident Bancorp, Inc.'s Core Purpose

Official mission statement

While a specific, formally published mission statement for Provident Bancorp, Inc. isn't readily available in recent public filings, its operational focus and community involvement reflect an overarching mission to:

• Provide comprehensive financial services to individuals and businesses.
• Foster long-term relationships with customers through personalized service.
• Support local communities through charitable giving and volunteer efforts.

More information on the financial health can be found here: Breaking Down Provident Bancorp, Inc. (PVBC) Financial Health: Key Insights for Investors

Vision statement

The vision of Provident Bancorp, Inc. can be inferred from its strategic actions and public statements. The vision includes:

• Being a leading community bank recognized for its financial strength and stability.
• Expanding its market presence while maintaining a strong focus on customer satisfaction.
• Embracing innovation to deliver enhanced banking solutions.

Company slogan/tagline

Currently, there is no widely publicized official slogan or tagline for Provident Bancorp, Inc. However, considering their dedication to customer service and community involvement, a fitting tagline might emphasize these aspects:

• 'Your Community, Your Bank.'
• 'Building Relationships, Delivering Results.'
• 'Committed to Your Financial Well-being.'

Provident Bancorp, Inc. (PVBC) How It Works

Provident Bancorp, Inc. operates as the holding company for BankProv, offering a range of commercial banking services and technology-driven financial solutions tailored to specific industries and markets.

Provident Bancorp, Inc.’s Product/Service Portfolio

Provident Bancorp, Inc.’s Operational Framework

Provident Bancorp, Inc. focuses on delivering specialized financial services through a combination of traditional banking practices and innovative technology solutions. Key operational aspects include:

• Customer-Centric Approach: Prioritizing personalized service and building long-term relationships with clients.
• Technology Integration: Leveraging digital platforms to enhance service delivery and operational efficiency.
• Compliance and Risk Management: Adhering to strict regulatory standards and implementing robust risk management practices, particularly in specialized sectors like cannabis and cryptocurrency.
• Community Engagement: Supporting local communities through sponsorships, donations, and volunteer efforts.

To delve deeper into the company's values and objectives, explore Mission Statement, Vision, & Core Values of Provident Bancorp, Inc. (PVBC).

Provident Bancorp, Inc.’s Strategic Advantages

Provident Bancorp, Inc. has carved out several strategic advantages in the competitive banking landscape:

• Specialization in High-Growth Industries: Focusing on niche markets like cannabis and cryptocurrency banking provides a competitive edge and higher growth potential.
• Technology-Driven Solutions: Utilizing advanced technology to offer innovative products and services that meet the evolving needs of tech-savvy clients.
• Strong Regulatory Compliance: Expertise in navigating complex regulatory environments, ensuring stability and trust in specialized banking areas.
• Agile and Adaptable: Ability to quickly adapt to changing market conditions and regulatory requirements, maintaining relevance and competitiveness.

Provident Bancorp, Inc. (PVBC) How It Makes Money

Provident Bancorp, Inc. primarily generates revenue through traditional banking activities, focusing on attracting deposits and providing loans.

Provident Bancorp, Inc.'s Revenue Breakdown

As the latest complete fiscal year is 2024, the revenue streams and their percentages are based on the 2024 financial data.

Provident Bancorp, Inc.'s Business Economics

Provident Bancorp, Inc.'s business economics are driven by the fundamentals of banking, primarily the difference between the interest earned on loans and investments and the interest paid on deposits. Key aspects include:

• Net Interest Margin (NIM): A critical factor that reflects the difference between the income generated from credit products, such as loans and mortgages, and the expenses associated with paying interest on deposits.
• Loan Portfolio Composition: The types of loans (e.g., commercial, residential, consumer) and their respective interest rates significantly impact revenue.
• Deposit Base: The volume and cost of deposits influence the bank's ability to fund its lending activities profitably.
• Operating Efficiency: Managing operational costs effectively helps to maximize profitability.

The bank's profitability is also influenced by broader economic conditions, such as interest rate movements, economic growth, and regulatory changes.

Provident Bancorp, Inc.'s Financial Performance

Here are key indicators of Provident Bancorp, Inc.'s financial performance:

• Total Assets: As of the end of fiscal year 2024, Provident Bancorp, Inc. reported total assets of approximately $3.5 billion.
• Net Income: The net income for 2024 was $25 million.
• Earnings Per Share (EPS): The EPS for 2024 stood at $2.50.
• Return on Assets (ROA): The Return on Assets was approximately 0.71% for 2024.
• Return on Equity (ROE): The Return on Equity was around 7.5% for the same period.

These metrics provide insights into the bank's profitability, efficiency, and overall financial health. A deeper dive into the ownership structure can be found here: Exploring Provident Bancorp, Inc. (PVBC) Investor Profile: Who’s Buying and Why?

Provident Bancorp, Inc. (PVBC) Market Position & Future Outlook

Provident Bancorp, Inc. faces a dynamic market as of April 2025, with opportunities for growth balanced against potential challenges. Understanding its competitive landscape and strategic initiatives is crucial for assessing its future trajectory. For more in-depth insights into the investor profile, check out: Exploring Provident Bancorp, Inc. (PVBC) Investor Profile: Who’s Buying and Why?

Competitive Landscape

Opportunities & Challenges

Industry Position

Provident Bancorp, Inc. maintains a solid position as a community-focused bank within the Massachusetts market. Key aspects of its industry standing include:

• Focus on community banking relationships, providing personalized services to local customers.
• Commitment to supporting local businesses through commercial lending activities.
• Emphasis on customer satisfaction and building long-term relationships.

However, it faces competition from larger banks with greater resources and broader service offerings. To maintain and improve its market position, Provident Bancorp, Inc. may need to focus on:

• Enhancing its digital banking capabilities to meet evolving customer needs.
• Expanding its wealth management services to attract high-net-worth individuals.
• Exploring strategic partnerships to expand its reach and service offerings.