EX-99.1
2
form8k_100604ex991.txt
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Rita Champ Stephen G. Dormer Paul A. Maisch
Provident Bancorp, Inc. Provident Bancorp, Inc. Provident Bancorp, Inc.
(845) 369-8040 (845) 369-8040 (845) 369-8040
PROVIDENT BANCORP, INC.
COMPLETES ACQUISITION OF
OF WARWICK COMMUNITY BANCORP, INC.
Provident Bank Assets Reach $2.5 Billion
Montebello, New York - (October 1, 2004) Provident Bancorp, Inc. (the
"Company") (Nasdaq: PBCP) announced today that it has completed its acquisition
of Warwick Community Bancorp, Inc. ("WCBI"), located in Warwick, New York.
Warwick Community Bancorp, Inc. is the holding company for The Warwick Savings
Bank, headquartered in Warwick, New York, The Towne Center Bank, headquartered
in Lodi, New Jersey and Hardenburgh Abstract Company headquartered in Goshen,
New York. In addition, Warwick Commercial Bank is a subsidiary of The Warwick
Savings Bank.
According to Senior Vice President and Chief Financial Officer Paul A.
Maisch, "We are pleased that shareholders of WCBI who made elections with
respect to the form of consideration they would receive in the merger will
receive almost exactly what they elected".
Shareholders of WCBI as of the close of business on October 1, 2004
received total merger consideration of approximately $147.2 million, consisting
of approximately 6,257,892 shares of common stock of the Company and
approximately $72.6 million in cash (including cash paid in lieu of fractional
shares). Shareholders who elected to receive all cash or indicated "No
Preference" will receive $32.26 in cash for each of their WCBI shares.
Shareholders who elected to receive all stock will receive 2.7810 shares of
common stock of the Company for 99.89% of their shares of common stock of WCBI
and $32.26 in cash for each of the remaining 0.11% of their shares. Shareholders
who elected to receive cash and shares of common stock of the Company will
receive $32.26 in cash for the cash portion of their election, 2.7810 shares of
common stock of the Company for 99.89% of their stock election shares and $32.26
in cash for each of the remaining 0.11% of their stock election shares. Cash
will be issued in lieu of fractional shares at a rate of $11.612 per whole
share.
As a result of the merger, Provident Bank, an independent full service
community bank, headquartered in Montebello, New York, now has $2.5 billion in
assets, 34 branches in Rockland, Orange, Sullivan, Ulster and Putnam counties in
New York and two offices in New Jersey, for a total of 36 branches in two
states. The New Jersey branches located in Lodi and Moonachie will operate under
the name Towncenter Bank, a division of Provident Bank. Provident Bank is
located in Montebello, New York. Provident Bank will continue to offer deposit
services to municipalities located in the State of New York through its
wholly-owned subsidiary, Provident Municipal Bank. Hardenburgh Abstract Company
will continue its operations in Goshen, New York under the current name.
Provident Bank offers a complete line of commercial and retail banking
products and services and has the only Investment Management and Trust
Department headquartered in Rockland County.
For more information please visit the Provident Bank website at
www.providentbanking.com.

EX - 99 . 1 2 form8k _ 100604ex991 . txt PRESS RELEASE FOR IMMEDIATE RELEASE Contact : Rita Champ Stephen G . Dormer Paul A . Maisch Provident Bancorp , Inc . Provident Bancorp , Inc . Provident Bancorp , Inc . ( 845 ) 369 - 8040 ( 845 ) 369 - 8040 ( 845 ) 369 - 8040 PROVIDENT BANCORP , INC . COMPLETES ACQUISITION OF OF WARWICK COMMUNITY BANCORP , INC . Provident Bank Assets Reach $ 2.5 Billion Montebello , New York - ( October 1 , 2004 ) Provident Bancorp , Inc . ( the " Company " ) ( Nasdaq : PBCP ) announced today that it has completed its acquisition of Warwick Community Bancorp , Inc . ( " WCBI " ) , located in Warwick , New York . Warwick Community Bancorp , Inc . is the holding company for The Warwick Savings Bank , headquartered in Warwick , New York , The Towne Center Bank , headquartered in Lodi , New Jersey and Hardenburgh Abstract Company headquartered in Goshen , New York . In addition , Warwick Commercial Bank is a subsidiary of The Warwick Savings Bank . According to Senior Vice President and Chief Financial Officer Paul A . Maisch , " We are pleased that shareholders of WCBI who made elections with respect to the form of consideration they would receive in the merger will receive almost exactly what they elected " . Shareholders of WCBI as of the close of business on October 1 , 2004 received total merger consideration of approximately $ 147.2 million , consisting of approximately 6,257,892 shares of common stock of the Company and approximately $ 72.6 million in cash ( including cash paid in lieu of fractional shares ) . Shareholders who elected to receive all cash or indicated " No Preference " will receive $ 32.26 in cash for each of their WCBI shares . Shareholders who elected to receive all stock will receive 2 . 7810 shares of common stock of the Company for 99 . 89 % of their shares of common stock of WCBI and $ 32.26 in cash for each of the remaining 0 . 11 % of their shares . Shareholders who elected to receive cash and shares of common stock of the Company will receive $ 32.26 in cash for the cash portion of their election , 2 . 7810 shares of common stock of the Company for 99 . 89 % of their stock election shares and $ 32.26 in cash for each of the remaining 0 . 11 % of their stock election shares . Cash will be issued in lieu of fractional shares at a rate of $ 11.612 per whole share . As a result of the merger , Provident Bank , an independent full service community bank , headquartered in Montebello , New York , now has $ 2.5 billion in assets , 34 branches in Rockland , Orange , Sullivan , Ulster and Putnam counties in New York and two offices in New Jersey , for a total of 36 branches in two states . The New Jersey branches located in Lodi and Moonachie will operate under the name Towncenter Bank , a division of Provident Bank . Provident Bank is located in Montebello , New York . Provident Bank will continue to offer deposit services to municipalities located in the State of New York through its wholly - owned subsidiary , Provident Municipal Bank . Hardenburgh Abstract Company will continue its operations in Goshen , New York under the current name . Provident Bank offers a complete line of commercial and retail banking products and services and has the only Investment Management and Trust Department headquartered in Rockland County . For more information please visit the Provident Bank website at www.providentbanking.com .