Provident Bank appoints Michael Perito as head of corporate strategy

ISELIN, N.J. - Provident Bank announced Wednesday the appointment of Michael A. Perito as Senior Vice President and Head of Corporate Strategy, a newly created position at the financial institution. The appointment comes as the bank, which currently maintains a market capitalization of $2.4 billion, shows strong financial health according to InvestingPro analysis.

In his role, Perito will oversee the development and execution of the bank’s strategic plan, identify growth opportunities, and align strategy with the organization’s goals. He will report to Adriano Duarte, Executive Vice President and Chief Accounting Officer.

Perito brings nearly 15 years of experience in financial services and fintech industries. He previously founded and led the bank consulting practice at The Travillian Group, where he served as Principal, Head of Bank Strategy. His expertise includes strategic planning, investor relations, corporate development, and digital strategy.

Before joining The Travillian Group, Perito worked as Managing Director of Equity Research at Keefe, Bruyette & Woods, a Stifel Company, where he covered over 30 fintech-enabled and regional banks.

"I am thrilled to join an institution with a proven track record of excellence," Perito said in the press release.

Perito holds a Bachelor of Science in Business Administration with a major in Finance and a minor in Real Estate from Villanova University.

Provident Bank, founded in 1839, is the oldest community-focused financial institution based in New Jersey and operates as a wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS). The bank reported assets of $24.55 billion as of June 30, 2025, and maintains a network of more than 140 branches across New Jersey, New York, and Pennsylvania. The institution currently offers an attractive 5.3% dividend yield and trades at a P/E ratio of 10.2, suggesting a relatively conservative valuation. For detailed analysis and additional insights, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks including PFS.

In other recent news, Provident Financial Services reported strong financial results for the second quarter of 2025, surpassing analysts’ expectations. The company achieved earnings per share of $0.55, exceeding the projected $0.50, representing a 10% surprise. Revenue also came in higher than anticipated, reaching $214.17 million compared to the forecasted $213.59 million. In addition to these positive earnings results, Provident Financial Services announced a quarterly cash dividend of $0.24 per common share. This dividend will be payable on August 29, 2025, to stockholders of record as of August 15, 2025. These recent developments reflect the company’s strong financial performance and shareholder returns.

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