Provident New York Bancorp announces capital raise of $46M

Provident New York Bancorp, parent company of Provident Bank, announced that it has sold directly to several institutional investors an aggregate of 6,258,504 shares of its common stock at a price of $7.35 per share. The price represents approximately a 3.5% discount to the 30 day volume weighted stock price average at the time the offering price was determined. The Company received net proceeds of approximately $46M. The company intends to use the net proceeds for general corporate purposes, including a capital contribution to Provident Bank, where the funds will be deployed in the Bank's general banking business, and to support strategic initiatives.