AMESBURY, Mass. - Provident Bancorp, Inc. (NASDAQ:PVBC), the parent company of BankProv, today announced the appointment of Kenneth Fisher as the new Executive Vice President and Chief Financial Officer for both the holding company and the bank. Fisher, a Certified Public Accountant, joins the company with over twenty years of experience in finance, accounting, and executive leadership.
Fisher's appointment comes as BankProv continues to focus on empowering local businesses and delivering innovative banking services. As CFO, he will manage the finance, treasury, and investor relations functions, and will play a pivotal role in supporting the company's strategic initiatives.
Before his new role at BankProv, Fisher served as CFO for Bluejay Diagnostics, Inc., and has held executive positions at Meridian Bancorp, Inc. and its subsidiary, East Boston Savings Bank. He is an alumnus of the University of Massachusetts at Amherst's Isenberg School of Management and the New England School for Financial Studies.
Joe Reilly, CEO of BankProv, welcomed Fisher to the team, highlighting his extensive experience and proven track record in the financial sector as key reasons for his selection. Fisher expressed his excitement about joining BankProv, emphasizing his commitment to contributing to the company's innovation-driven approach and growth.
Founded in 1828 and known as the 10th oldest bank in the nation, BankProv operates retail branches in the Seacoast Region of Northeastern Massachusetts and New Hampshire, along with commercial banking offices in Central New Hampshire. The bank prides itself on offering a blend of traditional banking services and modern financial solutions, and ensures full deposit insurance coverage through the FDIC and the DIF.
InvestingPro Insights
As Kenneth Fisher steps into his new role at Provident Bancorp, Inc. (NASDAQ:PVBC), the financial landscape he will navigate includes some notable numbers. The company's market capitalization stands at a solid $168.03 million, reflecting its standing in the market. Investors may also find the Price to Earnings (P/E) ratio of 11.67, adjusted to 12.15 for the last twelve months as of Q1 2024, a key metric indicating the company's value proposition in relation to its earnings.
From an operational perspective, BankProv's parent company has demonstrated strong revenue growth of 236.42% over the last twelve months as of Q1 2024, which is a testament to its expanding operations and market reach. This aligns with the strategic initiatives that Fisher will support as the new CFO. One of the InvestingPro Tips highlights that analysts predict the company will be profitable this year, which is consistent with the company's operating income margin of 32.29% during the same period, underscoring efficient management and potentially lucrative prospects for investors.
While Provident Bancorp has seen a significant return over the last week, with a 9.39% price total return, it's important to note that the company does not currently pay a dividend to shareholders, as per another InvestingPro Tip. This could influence investment decisions for those who prioritize regular income streams through dividends. However, the company’s strong performance and potential for profitability may still present a compelling case for growth-focused investors.
For readers interested in a deeper analysis of Provident Bancorp, Inc., there are additional InvestingPro Tips available that shed light on various aspects of the company's financial health and projections. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and gain access to a comprehensive suite of tools and insights.
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