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Provident Bank Expands Wealth Management Services

MONTEBELLO, NY--(Marketwire - Mar 7, 2013) -  Provident Bank, a subsidiary of Provident New York Bancorp ( NYSE : PBNY ), announced it has expanded wealth management services and filled several new roles. "Provident Bank provides dedicated resources to our banking teams designed to provide access to a full array of wealth management options seamlessly to our growing and sophisticated client base," said Rodney Whitwell, chief operating officer and co-leader of wealth management services. "We have designed our wealth management services platform to provide dedicated service delivery to the unique segments of our client base. We have dedicated resources for our clients that require more straightforward financial strategies and dedicated resources specifically aligned to our clients that require more complex financial strategies -- all delivered with the same level of highly personalized service," added David S. Bagatelle, New York Metro market president and co-leader of wealth management services.

John K. Lynch has been hired as a senior financial consultant and will focus on the bank's markets throughout the lower Hudson Valley for clients with more complex financial needs. Mr. Lynch has over 20 years of business development experience in private banking and investments. He joins Provident Bank from Wells Fargo Private Bank where he served as a senior private banker since 1999, and where he had a strong record of success acquiring and expanding client relationships.

Also aligned with clients that need more complex needs, Michael J. Desmond, was hired by the bank in July 2012 as senior wealth advisor and is responsible for the wealth management platform for the New York City Metro market.

Brahna Singer, wealth management sales manager, joined Provident Bank in July 2012 and is responsible for building the retail wealth management program and managing the staff of financial consultants and wealth advisors. Ms. Singer has assembled a strong team of financial consultants to support the retail wealth management program.

Several financial consultants have supported Provident Bank through LPL Financial for many years. Richard Eggers started supporting Provident Bank with LPL Financial in 1998 and is our longest tenured financial consultant. Prior to joining LPL Financial, Richard enjoyed a long career at MetLife where he specialized in working with small businesses on their life insurance and retirement plans. Mr. Eggers covers the market surrounding the Stony Point financial center in Rockland County and is very active in the local community. Jeff Hahofer joined LPL Financial to support Provident Bank in 2003 and covers the markets surrounding the Nanuet, Nyack, and Orangeburg financial centers in Rockland County. Prior to joining LPL Financial, Jeff served as a financial consultant at Merrill Lynch since 1997. Roy Nazaroff joined LPL Financial to support Provident Bank in 2006 and covers the markets surrounding the Florida, Warwick, and Goshen financial centers in Orange County. Prior to joining LPL Financial, Roy served as a financial consultant at New Horizons Asset Management. He previously also served as a financial consultant at GE Capital Management and Prudential Financial Services. Daniel Lofrese joined LPL Financial to support Provident Bank in 2009 and covers the markets surrounding the Monroe, Chester, and Woodbury financial centers. "Provident Bank is fortunate to have such a strong group of seasoned financial consultants that have been working with our clients for many years," said Brahna Singer, wealth management sales manager.

Two recent hires in October 2012 round out the team of financial consultants. Christopher Dursi joins Provident's wealth management services with over 25 years of experience as a financial consultant and covers the markets surrounding the Carmel, Congers, Airmont, and Suffern financial centers. Mr. Dursi is rejoining Provident Bank after ten years at Capital One Financial Advisors. He served as a financial consultant with IFMG serving Provident Bank in 2002.

Lilibeth Ramos joins Provident's wealth management services with over 10 years of experience as a financial consultant and covers the markets surrounding the Hillcrest, New City, Haverstraw, and Mt. Ivy financial centers. Ms. Ramos was previously a personal banker at JP Morgan Chase.

Provident Bank reached an agreement with LPL Financial as broker-dealer to provide wealth management services to support the financial consultants and wealth advisors, effective on September 1, 2012. LPL Financial is the nation's largest independent broker-dealer* and is an enabling partner to more than 680 financial institutions.

Provident Bank, with $3.8 billion in assets, is a growing financial services firm that specializes in the delivery of service and solutions to business owners, their families, and consumers in communities within the greater New York City metropolitan area through teams of dedicated and experienced relationship managers. Provident Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit www.providentbanking.com.

Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.

     
  Not FDIC Insured Not Bank Guaranteed May Lose Value
Not Insured by any Federal Government Agency Not a Bank Deposit
     

Provident Bank is not a registered broker/dealer and is not affiliated with LPL Financial.

*As reported by Financial Planning magazine, June 1996-2012, based on total revenue.

FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISK FACTORS
Any statements contained herein that are not statements of historical fact, including those that anticipate future growth, may be deemed to be forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that may adversely affect the Company's ability to realize its plans. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release. There are a number of important factors described in documents filed by the Company with the Securities and Exchange Commission and other factors that could cause the Company's actual results to differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

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