Provident Financial Services Named to Forbes' Best Banks in America List
ISELIN, N.J., April 12, 2016 /PRNewswire/ -- Provident Financial Services, the holding company for The Provident Bank, was named to Forbes' annual Best Banks In America list.
Provident Bank is a community-oriented bank that provides a comprehensive suite of financial products and services through its network of more than 80 branches throughout northern and central New Jersey and eastern Pennsylvania. As of September 30, 2015, the bank reported $9 billion in assets, 11.6% return on average total common equity, an efficiency ratio of 56%, as well as an 11% growth rate for the last 12-months.
"To be named one of the top banks in America by Forbes is an accomplishment on its own, but to rank higher than the 'Big Four' far exceeds our expectations," said Christopher Martin, President and CEO of The Provident Bank. "This honor is purely a reflection of our talented team. Each member is dedicated to delivering a mix of innovative services, social impact and real connections to individuals, families and businesses, while also giving back to the communities our bank serves."
For the seventh year, Forbes has compiled the Best Banks in America list by compiling the 100 largest publicly traded banks and thrifts list by evaluating each bank's asset quality, capital adequacy, growth and profitability. The renowned financial publication also considered metrics including: net interest margin, nonperforming assets as percent of asset, reserves as a percent of NPLS, two capital ratios (tier one and risk-based) and revenue over the past twelve months. The data used and compiled by Forbes was supplied by SNL Financial and was adjusted this year to better reflect the state of America's banking environment.
For more information about Provident Bank, visit www.providentnj.com or join the conversations on Facebook (ProvidentNJ) and Twitter (@ProvidentNJ).
About The Provident Bank
The Provident Bank, (www.providentnj.com) a community-oriented bank offering "Commitment you can count on" since 1839, is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS), which reported assets of $8.91 billion as of December 31, 2015. With $5.92 billion in deposits, The Provident Bank provides a comprehensive suite of financial products and services through its network of branches throughout northern and central New Jersey and eastern Pennsylvania. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company.
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SOURCE The Provident Bank
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