Provident Bank names Brown SVP, chief compliance officer
About her
Mary Brown has joined Provident Bank as senior vice president, chief compliance officer. Brown is responsible for developing and implementing a comprehensive compliance program to ensure effective compliance risk management across all areas of the bank while providing regular reporting to management governance committees and the board of directors, as necessary. In addition, as the bank’s Community Reinvestment Act (CRA) officer, she is responsible for assisting management with the implementation of strategies to support Provident’s community reinvestment goals of promoting affordable housing initiatives and making a positive impact on underserved communities.
Brown has more than 25 years of experience in the financial services industry. Most recently she served as managing director and chief compliance officer for HSBC, where she provided strategic leadership for regulatory and financial crime compliance, risk stewardship and advisory support to the U.S. retail bank, including areas of wealth management, private bank, asset management, retail consumer, CRA and fair lending, and small business.
About the company
Provident Bank, a community-oriented financial institution offering “Commitment you can count on” since 1839, is the wholly owned subsidiary of Provident Financial Services Inc. (NYSE:PFS), which reported assets of $13.80 billion as of Dec. 31, 2022.
Diane Gigliotti has joined Provident Bank as senior vice president, controller. Gigliotti is responsible for managing accounting, controls and financial operations as mandated by accounting and regulatory requirements. Additionally, she leads the budgeting, forecasting, long-term planning and strategic business planning of the financial team. Gigliotti is also responsible for preparing financial analysis, modeling, and reporting and directing the preparation of the annual business plan for submission to the board of directors.
Gigliotti has more than 20 years of experience in accounting and finance, having held various leadership positions. Prior to joining Provident, she was chief financial officer and managing director with the BBVA New York branch. Before that, she was responsible for regulatory reporting, financial statements and coordination with auditors as the chief financial officer of BBVA Securities Inc., a subsidiary of BBVA.
About the company
Provident Bank, a community-oriented financial institution offering “Commitment you can count on” since 1839, is the wholly owned subsidiary of Provident Financial Services Inc. (NYSE:PFS), which reported assets of $13.80 billion as of Dec. 31, 2022.
Provident Bank is welcoming two women to its leadership team as senior vice presidents.
The Jersey City-based financial institution announced the appointments of Controller Diane Gigliotti and Chief Compliance Officer Mary Brown July 25.
In her new role, Gigliotti is responsible for managing the accounting, controls and financial operations as required by accounting and regulatory requirements. She also leads budgeting, forecasting, long-term planning and strategic business planning of the financial team; prepares financial analysis, modeling and reporting; and directs the preparation of the bank’s annual business plan for submission to the board of directors.
Gigliotti
Gigliotti brings more than 20 years of experience to the bank, most recently as chief financial officer and managing director with the BBVA New York Branch. Provident said she previously was responsible for regulatory reporting, financial statements and coordination with auditors as CFO of BBVA subsidiary BBVA Securities Inc.
Executive Vice President Chief Accounting Officer Adriano Duarte celebrated the appointment.
“I am thrilled to welcome someone with Diane’s depth of experience to the accounting team,” Duarte said in a statement. “She brings great attention to detail and sound business judgment to her work and analysis. I look forward to working with her and the insight she will provide.”
Brown is responsible for developing and implementing a comprehensive compliance program to ensure effective compliance risk management across all areas of the bank while providing regular reporting to the management governance committees and the board of directors, as necessary, Provident said. She also serves as the bank’s Community Reinvestment Act Officer, in charge of assisting management with the implementation of strategies to support Provident’s goals of promoting affordable housing initiatives and making a positive impact on underserved communities within the bank’s market.
Brown
Brown has worked in the financial services industry for more than 25 years in leadership roles of increasing responsibility. Most recently, Provident said she served as managing director and chief compliance officer for HSBC, where she provided strategic leadership for regulatory and financial crime compliance, risk stewardship and advisory support to the U.S. retail bank.
Executive Vice President and Chief Risk Officer James Christy said he was “delighted to welcome Mary to this important role on our Risk leadership team.
“Her record of success at a range of financial institutions makes her a valuable contributor towards the success of Provident, while we maintain our high standards in risk management, regulatory compliance, and community service,” Christy added.
The appointments come in the wake of Provident Bank’s recognition as one of NJBIZ’s inaugural Empowering Women award winners. The program, introduced in 2023, recognizes businesses for their efforts to advance women in the workplace and community.
The wholly owned subsidiary of Provident Financial services Inc., as of March 31, 2023, the most recent information available, Provident Bank had assets of $13.78 billion and $10.30 billion in deposits. The business has 96 locations across New Jersey, New York and Pennsylvania.
Iselin-based Provident Bank is helping to revitalize communities around the Garden State by awarding $950,000 in grants to 10 nonprofit organizations.
Through the New Jersey Department of Community Affairs’ Neighborhood Revitalization Tax Credit Program, Provident was able to select the organizations and initiatives from a pool of qualified projects, the bank announced July 17.
Corporations that contribute funding to the NRTC program receive credits against various state taxes. According to Provident, the program is designed to jumpstart the renewal of neighborhoods at risk of experiencing a downturn.
“Provident Bank is proud to support these worthy non-profit organizations through the NRTC program,” Joseph Spatola, Provident Bank senior vice president, said in a statement. “Our investment in this program is essential to these organizations’ efforts to advance their missions and revitalize their respective neighborhoods and is consistent with our commitment to helping the communities we serve.”
Provident Bank’s funding has been distributed to the following nonprofits:
Clinton Hill Community Action: $100,000 For the revitalization of the Upper Clinton Hill neighborhood in Newark
Greater Bergen Community Action: $75,000 For improvements to the River to Rail neighborhood district in Garfield
Habitat for Humanity of Greater Newark: $100,000 For the preservation and revitalization of Habitat Newark’s West and Central Village Neighborhoods
Interfaith Neighbors: $100,000 For the Asbury Park West Side Neighborhood Project XI
Jewish Renaissance Foundation: $75,000 For the Perth Amboy Alliance for Community 2023
Lincoln Park Coast Cultural District: $100,000 For the revitalization of Newark’s Lincoln Park neighborhood
New Jersey Community Development Corp.: $100,000 For the improvement of the Great Falls/Spruce Street neighborhood of Paterson
NORWESCAP South Main Street: $100,000 For the revitalization of the South Main Street neighborhood in downtown Phillipsburg
NORWESCAP Sussex Borough: $100,000 For the revitalization of downtown Sussex Borough
Paterson Habitat for Humanity: $100,000 For Northside Homes, Youth Development & Green Spaces for Everyone in the Northside neighborhood of Paterson
On July 18, Camden-based New Jersey American Water also announced its three grant recipients through the program, all located in its hometown.
A recent one-day conference shined a spotlight on issues within the business community for women and minority business owners, and provided resources to support these leaders.
Presented by Provident Bank and its employee resource group, ProvidentWomen, the Helping Entrepreneurs Rise (H.E.R.) Conference held at the financial institution’s administrative headquarters in Iselin convened female business leaders, local entrepreneurs and community partners for a morning of education, networking and empowerment.
According to the bank, the topics explored during the H.E.R. Conference included financial literacy and education and information for running and maintaining a successful business. Additionally, the program addressed key issues that affect marginalized populations, such as economic barriers, limited access to business networks and limited opportunity for skill development.
“Women are at the forefront of entrepreneurship with approximately 58% of small businesses being women-owned,” said Xavia Mitchell, first vice president, senior human resources and diversity business partner, Provident Bank. “Through our ProvidentWomen employee resource group, we are committed to providing existing and potential business owners with valuable programs and resources aimed at empowering women, and we’re excited to continue collaborating with community partners to help us advance our mission.”
In addition to panel discussions and speakers from Provident Bank, the conference also offered insights from members and representatives of the African American Chamber of Commerce, Eastern Monmouth Area Chamber of Commerce, Middlesex Regional Chamber of Commerce, Morristown Chamber of Commerce, New Jersey Veterans Chamber of Commerce, Statewide Hispanic Chamber of Commerce, Woodbridge Chamber of Commerce, Union County Economic Development Corp., Shore Builders Association of Central New Jersey, Professional Women in Construction and the New Jersey Economic Development Authority.
“By partnering with these business organizations, ProvidentWomen continues to deliver on its promise to empower women and minority business owners through fostering a climate of diversity and inclusion,” said Stacey Kavanagh, first vice president, market manager, Provident Bank. “The 2023 H.E.R. Conference featured women leaders from multiple chambers of commerce and economic development organizations and is a terrific example of our commitment to reduce economic barriers through education, access and networking.”
ICYMI
Provident Bank recently donated one of its former Jersey City branches to a local nonprofit that provides afterschool programs to youth from under-resourced urban areas.Learn more here.
Provident Bank donated one of its former Jersey City branches to a local nonprofit that provides afterschool programs to youth from under-resourced urban areas.
In an April 3 press release, the Iselin-based financial institution announced that its 5,472-square-foot building at 533 Bergen Ave. is now known as the as the New City Kids Rubingh Center for Youth Development and will serve as the organization’s fourth outpost in Jersey City.
Additionally, The Provident Bank Foundation pledged a multiyear commitment of $100,000 to New City Kids to cover building upgrades, operational support and programming at the new location, according to the bank.
Named after the founders of New City Kids, the Revs. Trevor and Linda Rubingh, the facility will help advance the organization’s mission to offer spiritual, leadership, academic and musical development for local youth. The program currently serves 600-plus children in Paterson and Jersey City as well as two cities in Michigan – Grand Rapids and Detroit.
Shaun Hopkins, executive director of New City Kids/Jersey City, said, “The generous support from Provident Bank and The Provident Bank Foundation will serve an invaluable purpose for this community. The youth that come to us already have it in them to be great, but the additional support will allow us to not only expand our impact physically, but to also enhance the support and programs we provide.”
Samantha Plotino, executive director of The Provident Bank Foundation, said that New City Kids embodies the values of the bank’s fundraising arm.
“Helping to transform the lives of youth by supporting programs that enhance their development is consistent with our funding priorities. This organization opens doors for youth and teens, partnering with them as they grow into leaders and change-makers in their communities,” she said.
Chris Martin, Provident Bank’s executive chairman, echoed the sentiment, saying, “Our commitment to this community runs deep. Lending a helping hand in the communities we serve and making a positive impact is fundamental at Provident. It’s extremely gratifying to give back to the community where Provident was founded in 1839.”
Following the donation of the branch – which closed in September 2022 – to New City Kids, Provident Bank says it will continue to operate five locations in Jersey City.
Iselin-based Provident Bank is out this week with the results of its national 2023 Consumer Spending Survey, which takes a closer look at how consumers are adjusting to rising costs across the board.
One of the toplines revealed in the survey, which polled 1,000 adults throughout the country, is that 73% of respondents are cutting back on non-essential purchases and travel due to the higher costs of staple expenses, like groceries, rent and utilities.
Some of that cutback on non-essential spending includes canceling subscriptions and entertainment streaming services, as well as reducing the frequency of going out for dinner or getting takeout. Other respondents mentioned cutting back on alcohol, quitting smoking, buying generic over name-brand products and turning down the thermostat as ways to offset inflationary price increases.
Seventy-eight percent of respondents have either reduced contributions or stopped contributing completely to their savings and retirements accounts. And a whopping 48% revealed they have less than $1,000 in a personal savings account, while 20% have no savings at all.
Labozzetta
“Many individuals in the U.S. have been impacted by inflation, and while we’ve seen they are making conscious efforts to spend less, it’s important for bankers to have conversations with their customers on how they can best help them to manage their finances during these challenging economic times,” said Anthony Labozzetta, president and CEO, Provident Bank, in a March 27 press release announcing the survey results.
Provident Bank also noted an alarming cost of living trend compared with a survey it conducted last June, which found 53% of respondents spend between $100-$500 or more per month on groceries. That number has jumped 10 points to 63% in this new survey.
Another 78% of respondents say they are not planning on purchasing a new home in the next 12 months while 63% are not planning to buy a car in the next year.
Despite many of the rather dim findings throughout the survey, there does seem to be some optimism moving forward, though, as 57% of respondents believe their personal finances will improve over the next year.
Provident Bank named Scott Hurlbert as senior vice president, digital channels director with its Information Technology team, the Iselin-based bank announced Jan. 17.
In this position, Hurlbert will manage the bank’s digital channels, including ATMs, online and mobile banking, and customer contact center. He also will be responsible for Provident’s digital strategy.
Vakacherla
“I am thrilled to welcome Scott to our team. He is a leader who understands what digitizing a bank involves from providing a best-in-class digital experience for customers and enabling digitization of processes to assist our employees,” Ravi Vakacherla, executive vice president, chief digital and innovation officer, said in a statement.
Hurlbert brings more than 20 years’ experience in banking technology, and digital and mobile delivery channels to the position, according to the bank. He comes to Provident from People’s United Bank, where he was senior vice president, Digital Banking. According to his LinkedIn profile, he was with People’s for almost 16 years.
Hurlbert earned a bachelor’s degree from Connecticut College.
Founded in 1839, Provident Bank is the wholly owned subsidiary of Provident Financial Services Inc., which reported assets of $13.6 billion as of Sept. 30, 2022. Provident Bank serves customers throughout northern and central New Jersey, as well as Bucks, Lehigh and Northampton counties in Pennsylvania and Nassau and Queens counties in New York.
As we ring in the new year, Provident Bank’s 2023 Economic Outlook Survey shows a mixed bag of results forecast for the 12 months ahead.
The top line reveals 67% of respondents believe the U.S. is likely to enter a recession this year, citing the pandemic (27%), inflation (23%) and the current administration (14%) as likely causes.
Conducted by Iselin-based Provident Bank and released Jan. 3, the survey polled 1,000 small to medium-sized business owners and executives about their 2023 outlook, predictions and concerns.
Among the biggest anticipated challenges referenced by respondents were inflation (16%), supply chain-related delays (13%), rising wages (12%), trouble attracting and retaining talent (11%), and economic fallout from the pandemic (9%).
As for the greatest challenges facing the nation’s leaders and the incoming Congress, respondents cited inflation (57%), climate change (37%) and crime (28%).
Other key findings in the outlook include overwhelming concerns for 2023 about the effects of rising interest rates on businesses (87%) and a belief that housing rates will rise in local regions (66%).
On the flip side
But the survey was not all negative. Despite the aforementioned considerations, 78% of respondents said they expected to be in “better” or “much better shape” in 2023.
Labozzetta
In fact, 68% plan to increase hiring this year with projected sales growth (17%), reasonable labor costs (15%) and the need for skills not possessed by current staff (14%) cited as motivations for bringing on new employees.
In a press release announcing the findings, Provident Bank President and CEO Anthony Labozzetta said that as bankers, it is incumbent on the institution to help customers prepare for any possible economic downturn.
“It’s also essential for businesses to know that they can rely on their bank for trusted advice and solutions on how to best navigate a potentially challenging economy,” said Labozzetta.
Provident Bank launched an employee resources group (ERG) specifically geared toward embracing and supporting veterans in the workplace.
In a Nov. 11 press release announcing “Provident Salutes,” the Iselin-based financial institution said the initiative will also focus on providing a platform for education and resources for its employees who have served in the military.
From left: Chris Martin, executive chairman, Provident Bank; Xavia Mitchell, first vice president, senior human resources and diversity business partner, Provident Bank; Francisco Cortes, president of the New Jersey State Veterans Chamber of Commerce; Joseph Chinnici, banking center manager at the Provident Ban Wyckoff branch and U.S. Army veteran; and Rebeca Merendino, Provident Bank information security analyst and an Army veteran. – PROVIDENT BANK
In addition, the ERG will develop and recommend programs to enrich veterans’ experiences, increase awareness of veterans’ contributions, expand the bank’s reach with veteran and military organizations in the community, and provide networking opportunities with veterans across the organization, according to Provident.
The group will be led by Joseph Chinnici, a banking center manager at the Wyckoff branch and U.S. Army veteran who served in Afghanistan during Operation Enduring Freedom. He is also a past commander of the Veterans of Foreign War chapter in Allendale.
Rebeca Merendino, an information security analyst and an Army veteran who served in the Middle East during Operation Spartan Shield, will hold the role of vice president.
During a celebration of the launch of Provident Salutes on Veterans Day, Xavia Mitchell, first vice president, senior human resources and diversity business partner, said, “This initiative is consistent with our commitment to enhance the employee experience at Provident Bank.”
“The members of Provident Salutes will work together to identify topics, content, and initiatives that will support veterans and active service members throughout the organization,” added Mitchell.
Iselin-based Provident Bank is out with the results of its 2022 National Labor/Staffing Shortage Survey, which comes at a critical time as businesses face a number of challenges, especially on the hiring front.
The findings, released Oct. 20, reflect feedback from 1,000 hiring managers and department heads, small business owners, recruitment and talent acquisition specialists, and compensation and business managers to determine how businesses are dealing with the consequences of the labor shortage.
The topline and most notable figure shows that nearly 75% of American businesses have been affected by the staffing shortage, as companies big and small struggle to attract and retain talent in a very tight labor market.
Turning down business and cutting back operation hours were among the most cited ways that the trend has affected businesses. Those surveyed also noted that a high turnover rate and the inability to fill crucial roles added more stress to business operations.
Some of the common themes as to why employees were leaving their jobs included: low salary, the inability to work from home, uncompetitive benefits, child care issues and burnout.
More than 33% in the survey noted that, in an effort to retain or attract talent, their company revised perks and benefits — such as tuition assistance, enhanced paid time off, child care reimbursement, additional paid sick and holiday leave, 401(k) matching, and sign-on bonuses.
Some of the common themes as to why employees were leaving their jobs included: low salary, the inability to work from home, uncompetitive benefits, child care issues and burnout. – DEPOSIT PHOTOS
Other key findings include:
69% of businesses have had candidates decline opportunities because of better offers; 79% of that group have attempted to combat this issue and remain competitive by raising salary offerings by up to 20%.
40% of survey respondents were small business owners — of that group, 60% said their company has been impacted by staffing shortages.
85% of individuals employed by a business with more than 101 employees reported impacts due to labor shortages.
The most common employee perks implemented to attract and retain employees included wellness stipends, casual dress code and extended maternity/paternity leave.
The importance of hybrid and work from home options were a common theme among responses, with 57% reporting their company instated either or both options to attract and/or retain talent.
“Organizations that are placing the employee experience at the center of their business strategy are benefitting from improved retention rates and the ability to attract talent during the current job market,” said Provident Bank President and CEO Anthony Labozzetta.
Provident Bank names Tulipani as SVP, chief information security officer
About him
Damiano Tulipani has joined Provident Bank as senior vice president, chief information security officer. Tulipani will play a critical role in providing vision, leadership, oversight and management of the overall information and cybersecurity policies, procedures and practices of the organization. He will also advise the bank’s executive leadership team and staff on the appropriate administration of information security standards, assisting in developing plans within business units to manage risks effectively by understanding the fundamental aspects of business objectives. Prior to joining Provident, Tulipani was vice president and head of cybersecurity with Investors Bank. He holds a Bachelor of Science degree in business administration and management information systems from St. Peter’s University, a Master of Science in information systems and information security from Stevens Institute of Technology, and a Graduate Certificate in business process management and service innovation from Stevens Institute of Technology.
About the company
Provident Bank, a community-oriented financial institution offering “Commitment you can count on” since 1839, is the wholly owned subsidiary of Provident Financial Services Inc., which reported assets of $13.62 billion as of March 31, 2022.
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