BankProv Ends 2022 With $21M Loss
BankProv saw positive earnings in the fourth quarter after a review of impaired loans in its cryptocurrency mining portfolio led to a $35 million loss in the previous quarter.
CEO Out After BankProv Buffeted by Crypto Losses
Dave Mansfield has resigned from his role as president and CEO of Amesbury-based BankProv in a move the bank called a mutual decision between him and the board of directors.
BankProv Not Exposed to FTX
Amesbury-based BankProv has more than $70 million in lines of credit secured by digital currencies but has no exposure to collapsed cryptocurrency exchange FTX, according to a recent securities disclosure.
Most of BankProv’s Crypto Mining Loan Portfolio Could Be Impaired
BankProv’s third quarter losses could exceed $27 million, and a majority of a cryptocurrency-related loan portfolio could be impaired, the bank said yesterday in a securities filing.
BankProv Saw Loan Growth and Risks With Digital Assets
Digital asset lending helped drive second quarter loan growth at Amesbury-based BankProv, but concerns about risk led the bank to close a couple of deposit accounts for digital asset customers.
BankProv Sees Digital Asset Deposits Increase
Amesbury-based BankProv saw deposit relationships with digital asset customers increase by 80 percent in the first quarter, and the bank’s year-over-year earnings increased by 28 percent.
BankProv Sees Profits from Move into Crypto
After launching a cryptocurrency lending platform in 2021, Amesbury-based BankProv saw its digital asset lending portfolio grow to $120 million and earnings increase 34 percent.
Return of User Fees Boosts Earnings at BankProv
While Amesbury-based The Provident Bank saw second quarter income decline slightly compared to last year, specialty lending and income from customers operating Bitcoin machines helped boost profits.
Mass. Banks See Improvements in Credit Quality in Q1
Local banks continued to reduce the provision for loan losses in the first quarter in a sign that pandemic-related credit concerns continue to stabilize.
Local Banks Plan Stock Repurchases
The parent company of The Provident Bank, rebranded last year as BankProv, has adopted a new stock repurchase program, one of several local banks planning to repurchase shares this year.
Provident Bank Sees Earnings Increase
The Provident Bank saw earnings increase in the second quarter despite modifying more than 20 percent of its loans due to the coronavirus pandemic.
Provident Bank Sees First Quarter Earnings Fall
Both the coronavirus pandemic and loans tied to a community bank network affected The Provident Bank’s first quarter earnings.
Provident Bancorp Raises $102M in Second-Step Conversion
Provident Bancorp Inc. completed its conversion to a stock company last week, raising more than $100 million in the process to help it grow specialized commercial lending and other initiatives.
The Provident Bank’s $102M Stock Offering Begins Tomorrow
Amesbury-based The Provident Bank faces a big day Wednesday, when its long-planned effort to go fully public will culminate in a stock offering.
Provident Bank Planning to Raise Up to $252M in Stock Offering
The parent company of Amesbury-based Provident Bank is planning to raise up to about $252 million in a new stock offering that will make the company fully public.
Provident Bank to Go Fully Public With Second-Step Conversion
Amesbury-based Provident Bank is going fully public with a second-step conversion, the second by a Massachusetts bank this year following HarborOne in March.
Provident Bancorp Files For Partial IPO
Provident Bancorp in Amesbury will file a partial IPO...
