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ISELIN, N.J. - Provident Bank, which maintains a "GOOD" overall financial health score according to InvestingPro analysis, announced Tuesday the appointment of Maheshkumar Kandasamy as Senior Vice President, Enterprise Architecture Director. In this role, Kandasamy will oversee the bank’s enterprise and business solutions architecture function while reporting to Satish Harikrishnan, SVP, Technology Services Director.
Kandasamy will be responsible for aligning the bank’s technology strategy with its business objectives, focusing on scalability, security, and regulatory compliance. He will establish the enterprise architecture practice within the institution, driving initiatives in modernization and AI/ML adoption. The bank’s strong technological focus complements its solid financial foundation, with InvestingPro data showing consistent dividend payments for 23 consecutive years.
"His extensive experience in enterprise architecture and his proven leadership in driving technological innovation and strategic alignment will be invaluable," said Harikrishnan in the press release.
With over 24 years of experience in technology environments, Kandasamy previously served as Director of Core Banking at Teachers Federal Credit Union, where he headed enterprise applications. Before that, he was Global Delivery Head at Mphasis Corporation for one of its largest banking clients.
Provident Bank, founded in 1839, is New Jersey’s oldest community-focused financial institution and is a wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS). The bank reported assets of $24.22 billion as of March 31, 2025, and operates more than 140 branches across New Jersey, New York, and Pennsylvania. With a market capitalization of $2.4 billion and an attractive dividend yield of 5.22%, InvestingPro analysis suggests the stock is currently undervalued, offering potential opportunities for investors seeking both growth and income.
In other recent news, Raymond James has initiated coverage on Provident Financial Services with a Strong Buy rating, setting a price target of $21.00. The research firm highlighted Provident Financial Services as a "well-run franchise" that has been successfully enhancing its market position. This assessment is attributed to the company’s robust balance sheet and liquidity position. These recent developments reflect the confidence Raymond James has in the company’s financial stability and growth potential. Investors might find this information valuable as they consider their investment strategies. The firm’s positive outlook on Provident Financial Services suggests a favorable view of its future prospects.
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