Provident Bank of New Jersey
Provident Bank is a New Jersey-based community bank established in 1839 and serving businesses, individuals, and families across parts of the Mid-Atlantic.
Last updated August 26, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
Provident Bank of New Jersey is a community banking institution headquartered in New Jersey and operating under Provident Financial Services, Inc. Its roots reach back to 1839, when the Provident Institution for Savings was chartered by the State of New Jersey as the first mutual savings bank in the state's history. The institution was created during a period when public confidence in banks remained weak after the Panic of 1837. Although it was chartered in 1839, it did not receive its first deposit until October 16, 1843, when a customer deposited $227. The bank began in Jersey City, initially operating from a room in Temperance Hall before moving in 1846 to premises associated with Treasurer Peter Bentley. Dudley S. Gregory, one of the institution's co-founders, became president in 1841 and remained in that role until 1874. The bank's early development reflected the traditional mutual-savings-bank model: gathering household deposits and directing them into conservative lending and investment activities. By 1875, its assets had reached approximately $3.5 million, demonstrating substantial growth for a nineteenth-century local savings institution. Provident's history also includes episodes of institutional stress. On May 12, 1882, a run began after Treasurer Edmund W. Kingsland attempted suicide in his office. Depositors' concerns subsided after an independent audit confirmed that the bank's accounts were in order. The incident did not end the institution, and Provident continued operating through subsequent economic and regulatory changes. In 1989, it marked its 150th anniversary. From the late twentieth century onward, Provident pursued controlled expansion and broadened its identity beyond a single-city savings bank. In 1978, it acquired First National Bank of Dunellen, an unusual transaction at the time because a savings bank was purchasing a commercial bank. The acquisition added approximately $20 million in assets and branches in Dunellen and Green Brook. In 1983, Provident announced a merger with Bloomfield Savings Institution, a neighboring savings institution; the combination was described as creating a bank with more than $1 billion in assets. The institution later expanded through additional combinations. Provident merged with Team Capital in 2014. In March 2020, it announced an agreement to acquire SB One Bank, formerly Sussex Bank, for approximately $208.9 million; the transaction closed on July 31, 2020. In September 2022, Provident agreed to acquire Lakeland Bancorp, the Oak Ridge, New Jersey-based holding company for Lakeland Bank, in a transaction valued at approximately $1.3 billion. The acquisition closed in the first quarter of 2024, with the operational conversion of Lakeland Bank branches and systems to the Provident platform scheduled for September 3, 2024. Today, Provident provides deposit accounts, consumer and commercial loans, investment products, and related financial services. Through its wholly owned subsidiary Beacon Trust Company, the organization also offers trust, fiduciary, wealth-management, and related advisory services. Its customers include businesses, individuals, and families in New Jersey, New York, and eastern Pennsylvania. The bank is described as the oldest community bank in New Jersey and, in the cited reference material, as the state's third-largest bank by deposit market share among institutions headquartered there.
History
Provident Bank traces its origins to the Provident Institution for Savings, chartered by New Jersey in 1839. It was the state's first mutual savings bank, established when confidence in financial institutions was still affected by the Panic of 1837. The institution's first president was John F. Ellis, who served from 1839 to 1841. Co-founder Dudley S. Gregory then became president and remained in office until 1874. Although the bank was chartered in 1839, it did not accept its first deposit until October 16, 1843. That initial deposit totaled $227. Early operations were conducted from a room in Jersey City's Temperance Hall. In 1846, the bank moved to an office connected with Treasurer Peter Bentley. Growth continued during the nineteenth century, and assets reached approximately $3.5 million by 1875. The bank experienced a notable run on May 12, 1882, following Treasurer Edmund W. Kingsland's attempted suicide at his office. Depositors' concerns were eventually resolved when an independent audit established that the bank's accounts were sound. Provident survived the episode and continued as a local savings institution. It celebrated its 150th anniversary in 1989. A major change in the bank's development occurred in 1978, when Provident acquired First National Bank of Dunellen. At the time, the purchase was considered unusual because a savings bank was acquiring a commercial bank. The transaction added about $20 million in assets and two branches, located in Dunellen and Green Brook. In 1983, Provident and neighboring Bloomfield Savings Institution announced a merger that was expected to produce a bank with more than $1 billion in assets. These transactions marked a shift from a narrowly local mutual savings institution toward a larger regional banking organization. Provident continued this expansion in the twenty-first century. It merged with Team Capital in 2014. In 2020, it agreed to acquire SB One Bank, formerly Sussex Bank, for approximately $208.9 million, and completed the transaction on July 31 of that year. In 2022, it announced the proposed acquisition of Lakeland Bancorp, Inc., the holding company for Lakeland Bank, based in Oak Ridge, New Jersey. The approximately $1.3 billion transaction closed during the first quarter of 2024. Conversion of Lakeland Bank operations to the Provident platform was scheduled for September 3, 2024. The modern organization provides banking services to businesses, individuals, and families in New Jersey, New York, and eastern Pennsylvania. Its offerings include deposits, loans, investments, and other financial services. Beacon Trust Company, a wholly owned subsidiary, extends the organization's capabilities into trust administration, fiduciary services, and wealth management. Provident is characterized in the cited reference material as New Jersey's oldest community bank and as the third-largest bank headquartered in the state by deposit market share.
- 2024
Lakeland Bancorp acquisition completed
[1]The Lakeland Bancorp transaction closes in the first quarter, with platform conversion scheduled for September 3.
- 2020
SB One Bank acquisition completed
[1]Provident completes its acquisition of SB One Bank on July 31.
- 2014
Team Capital merger
[1]Provident expands through a merger with Team Capital.
- 1989
150th anniversary
[1]Provident marks 150 years since its charter.
- 1983
Bloomfield Savings Institution merger announced
[1]Provident announces a merger with Bloomfield Savings Institution that would create a bank exceeding $1 billion in assets.
- 1978
First National Bank of Dunellen acquisition
[1]Provident acquires the commercial bank, adding approximately $20 million in assets and two branches.
- 1875
Assets reach approximately $3.5 million
[1]The nineteenth-century savings institution records substantial asset growth.
- 1843
First deposit received
[1]After several years of limited operations, the bank receives its first deposit, totaling $227, on October 16.
- 1839
Provident Institution for Savings is chartered
[1]The State of New Jersey charters the institution as the first mutual savings bank in the state's history.
Products and positioning
A long-established regional community bank combining traditional deposit-taking and lending with commercial banking, investment, trust, and wealth-management services.
Retail and commercial banking
Deposit accounts
Provident serves individuals, families, and businesses with deposit products as part of its community-banking model. The available reference describes deposits as a core part of the bank's financial-services offering but does not provide a complete product-by-product catalog.
Consumer and commercial lending
Loans
The bank provides lending services to consumers and commercial customers. The reference material identifies loans as a major business line, without specifying the full range of residential, consumer, commercial, or specialty loan products.
Investments
Investment products
Provident offers investment-related financial products alongside its deposit and lending services. Detailed product names and eligibility information are not specified in the supplied reference material.
Trust and wealth management
Beacon Trust Company services
Through wholly owned subsidiary Beacon Trust Company, Provident provides trust, fiduciary, and wealth-management services. These capabilities extend the organization beyond transactional banking and support the needs of affluent individuals, families, and institutions.
Brand decisions
2022
Acquire Lakeland BancorpM&ABackground
Provident sought a larger regional platform through the acquisition of the holding company for Lakeland Bank.
Action taken
Provident agreed to acquire Lakeland Bancorp, based in Oak Ridge, New Jersey.
Aftermath
The transaction closed in the first quarter of 2024, and conversion of Lakeland Bank operations to Provident was scheduled for September 3, 2024.
transaction value. approximately 1.3 billion USD (announced September 2022; closed first quarter 2024)
2020
Acquire SB One BankM&ABackground
Provident pursued additional growth in its regional banking market.
Action taken
It announced and completed the acquisition of SB One Bank, formerly Sussex Bank.
Aftermath
The transaction closed on July 31, 2020.
transaction value. 208.9 million USD (announced March 2020; closed July 31, 2020)
2014
Merge with Team CapitalM&ABackground
Provident continued its regional expansion through bank consolidation.
Action taken
The bank merged with Team Capital.
Aftermath
The merger increased Provident's regional banking presence, although the supplied material does not provide transaction metrics.
1983
Merge with Bloomfield Savings InstitutionM&ABackground
Provident pursued controlled growth through combination with a neighboring savings institution.
Action taken
Provident announced a merger with Bloomfield Savings Institution.
Aftermath
The proposed combination was described as creating a bank with more than $1 billion in assets.
1978
Acquire First National Bank of DunellenM&ABackground
Provident sought to expand beyond its traditional mutual-savings-bank footprint.
Action taken
It acquired First National Bank of Dunellen, adding assets and two branches.
Aftermath
The deal increased assets by approximately $20 million and broadened Provident's presence in central New Jersey.
Sources1 sources
Cite this profile: Cite the canonical profile. /brand-wiki/provident-bank-of-new-jersey · Editorial policy · How profiles are compiled