The Bank Slate


Provident in Mass. removes ‘interim’ from leaders’ titles

Provident Bancorp in Amesbury, Mass., has locked down its top leadership.

The $1.6 billion-asset company said in a press release that Carol Houle and Joe Reilly are now its permanent co-presidents and co-CEOs. The executives had held interim titles since Dec. 23.

Houle will continue to serve as Provident’s chief financial officer, a role she has held since joining the company in 2013.

“The board is very pleased with the work that Joe and Carol have done in a very short time to help the bank through the past few months, and we are confident that they are the right team to continue to lead the Bank going forward,” Laurie Knapp, Provident’s chairman, said in the release.

“The co-CEO positions will provide the institution with an unmatched leadership team and the ability for Carol to continue in her capacity as the CFO,” Knapp added.

Reilly, former CEO of Centrix Bank, had been a director since 2018. He was Provident’s chairman before being tapped to fill the interim roles.

Provident reported a third-quarter loss after disclosing that a majority of its loans backed by crypto mining equipment were impaired. The company replaced David Mansfield with Houle and Reilly.

The company returned to profitability in the fourth quarter, while significantly reducing its exposure to the cryptocurrency industry.

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