PROVIDENT FINANCIAL HOLDINGS, INC. (NASDAQ:PROV) Files An 8-K Other Events
Item 8.01 Other Events
Provident Financial Holdings, Inc. (“Corporation”) announced that Provident Savings Bank, F.S.B. (“Bank”), the wholly-owned subsidiary of the Corporation will close its La Quinta Branch located at 78752 Highway 111, La Quinta, California 92253. The closure will become effective at the close of business on May 10, 2019. Effective May 11, 2019, all customer relationships will be transferred to its Rancho Mirage Branch located at 71991 Highway 111, Rancho Mirage, California 92270, which is approximately 7.6 miles from the La Quinta Branch.
The Bank anticipates an annual operational cost savings of approximately $473,000, primarily in salaries and employee benefits expenses and premises and occupancy expenses (subsequent to the branch closure). Current personnel of the La Quinta Branch will be reassigned to the Rancho Mirage Branch to fill open positions. Total one-time charges for the branch closure will be approximately $18,000. Given La Quinta’s proximity to the Rancho Mirage Branch and the familiar team that will continue to serve our customers, the Bank does not anticipate significant customer disruption.
About PROVIDENT FINANCIAL HOLDINGS, INC. (NASDAQ:PROV)
Provident Financial Holdings, Inc. is the holding company of Provident Savings Bank, F.S.B. (the Bank). The Bank is a federally chartered stock savings bank. The Company operates through two segments: Provident Bank and Provident Bank Mortgage (PBM). The Bank’s operations primarily consist of accepting deposits from customers within the communities surrounding the Bank’s full service offices and investing those funds in single-family loans, multi-family loans, commercial real estate loans, construction loans, commercial business loans, consumer loans and other mortgage loans. PBM operations primarily consist of the origination, purchase and sale of mortgage loans secured by single-family residences. The Bank is a financial services company committed to serving consumers and small to mid-sized businesses in the Inland Empire region of Southern California. The Bank offers business checking accounts, other business banking services and services loans for others.
