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Section 1: 8-K (8-K)

20200714 8K BankProv Rebrand

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549



FORM 8-K



CURRENT REPORT



PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934



Date of Report (Date of earliest event reported): July 14, 2020



PROVIDENT BANCORP, INC. 

(Exact Name of Registrant as Specified in Charter)





 

 

Maryland

001-39090

84-4132422

(State or Other Jurisdiction)

(Commission File No.)

(I.R.S. Employer

of Incorporation)

 

Identification No.)





5 Market Street, Amesbury, Massachusetts

01913

(Address of Principal Executive Offices)

(Zip Code)



Registrant’s telephone number, including area code:(978) 834-8555



Not Applicable                               

(Former name or former address, if changed since last report)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):



[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)



[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17

     CFR 240.14d-2(b))



[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17

     CFR 240.13e-4(c))



Securities registered pursuant to Section 12(b) of the Act:



Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common stock

 

PVBC

 

The NASDAQ Stock Market LLC



Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [X]



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [X]


 

Item 8.01 Other Events

On July 14, 2020, The Provident Bank announced that it is rebranding to “BankProv” in support of a growing nationwide presence. The Bank will still retain its name for legal purposes.



A press release announcing this action is attached as Exhibit 99.1 hereto and incorporated herein by reference. 



Item 9.01 Financial Statements and Exhibits

(d) Exhibits

ExhibitDescription

99.1Press release dated July 14, 2020








 



SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.



PROVIDENT BANCORP, INC.







 

 

DATE: July 20, 2020

By:

/s/ David P. Mansfield



 

David P. Mansfield



 

President and Chief Executive Officer














































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Section 2: EX-99.1 (EX-99.1)

Exhibit 991

A close up of a logo

Description automatically generated

For Immediate Release

 

Press Contact: Carie Kelly, VP Marketing
Phone: (978) 834-8583
Email: ckelly@bankprov.com



THE PROVIDENT BANK ANNOUNCES A REBRAND TO BANKPROV

IN SUPPORT OF A GROWING NATIONWIDE PRESENCE



A close up of a sign

Description automatically generated


July 14, 2020,  Amesbury,  MA – The Provident Bank is proud to announce that it is rebranding to “BankProv” in support of a growing nationwide presence. The new look and feel reflects the Bank’s commitment to embracing innovation and leveraging technology to deliver a better banking experience for all. Staying true to its roots however, the Bank will still retain their historic name for legal purposes.

As the 10th oldest bank in the country, BankProv has been serving its local communities for nearly 200 years. The search for a new brand began in early 2019 when the Bank was realizing significant market confusion when competing in niche markets on a national scale. The new BankProv brand was designed to showcase the Bank’s entrepreneurial spirit and technological prowess to create the future of banking.

Additionally, BankProv offered a natural distinction from the numerous other institutions donning a similar  “Provident” moniker throughout the country, without completely distancing itself from the name that gave the Bank its staunch history. Extensive research revealed that the word “provident,” defined as “making or indicating timely preparation for the future,” still reigned true for the organization. Similarly, it was important to keep the word “bank” front and center,  for the strength, reliability and security that it brings. The BankProv color scheme was chosen carefully over the course of months to subtly broadcast the Bank’s strength and sophistication (black) and its new beginnings (white). Magenta was chosen as a  “pop” of color because it represents power and energy (red) and inward reflection (violet).

“I am really excited to see our rebranding initiative come to fruition,” said Dave Mansfield, CEO. The green, oval-shaped Provident Bank logo served us well for more than 20 years and was a well-recognized symbol in our communties. Now that we have grown into a $1B commercial bank serving clients both across the nation and worldwide, the timing is right to showcase our growth and transformation by updating our brand. The rebranding process was a collaborative effort, thoughtfully and sometimes painstakingly cultivated by our

bankprov.com  Copyright The Provident Bank 2020Member FDIC Member DIF


 

THE PROVIDENT BANK ANNOUNCES REBRAND TO BANKPROV                                                  2

 

employees, clients and stakeholders. BankProv is a fusion of our deep banking roots combined with future thinking, so that we may provide an exceptional banking experience for our clients,” he said.

Along with the new logo and color scheme, the Bank has unveiled a new website, online banking theme and mobile app. For more information, visit bankprov.com.



About The Provident Bank
The Provident Bank, which also operates under the name BankProv, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). The Provident Bank is an innovative, commercial bank that finds solutions for our business and private clients. We are committed to strengthening the economic development of the regions we serve, by working closely with businesses and private clients and delivering superior products and high-touch services to meet their banking needs.  The Provident Bank has offices in Massachusetts and New Hampshire. All deposits are insured in full through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).


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