Provident New York Bancorp announces capital raise of $46M

theflyonthewall.com

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.

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