Key Summary: On June 21, 2023, Joseph Stilwell (9.1%) expressed a desire to work with management and the board to maximize shareholder value, criticizing the company's expense control and urging a focus on community banking fundamentals. By September 13, 2023, Stilwell increased his stake to 10.1% and sought board representation. On October 28, 2023, the company agreed to appoint Mr. Pollack to the Board and BankProv, effective until the 2025 AGM, as part of an agreement with Stilwell (10.4%).Market Cap: $171 million | Provident Bancorp, Inc. operates as the bank holding company for BankProv that provides various financial services to individuals and small businesses in the United States.
On June 21, 2023, Joseph Stilwell (9.1%) stated his belief that he hopes to work with management and the board to maximize shareholder value. He believes the company is doing a poor job of controlling expenses and should focus on basic community banking fundamentals. Source
On September 13, 2023, Joseph Stilwell increase his stake to 10.1% and stated that he intended to seek board representation with the goal of maximizing shareholder value at the company. Source
On October 28, 2023, the company entered into an agreement with Joseph Stilwell (10.4%) and pursuant to it, the company has agreed to appoint Mr. Pollack to the Board and its wholly owned banking subsidiary, BankProv in the class of directors expiring at the Company’s 2025 AGM. Source
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