Provident Bancorp, Inc. (the “Company”) (Nasdaq:PVBC), the holding company for BankProv (the “Bank”), announced today that its Board of Directors (“Board”) has officially appointed Carol Houle and Joe Reilly as Co-CEOs and Co-Presidents effective immediately. The team served as interim Co-CEO’s since December 23, 2022. Carol Houle will continue to serve as CFO in addition to her new role as Co-CEO.
“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,” said Laurie Knapp, Chairman of the Board. “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.”
Houle joined the Bank in 2013 as the EVP and Chief Financial Officer after holding executive positions at Shatswell, Macleod & Co., P.C. and T.C. Edwards & Co., P.C. She is a proven leader that brings strategic vision to the organization, operational insight and extensive financial expertise.
“I am excited to lead the Bank through its next chapter with Joe,” said Houle. “We recognize this is a tremendous opportunity and together we look forward to serving our clients, creating significant value for our shareholders and fostering an inclusive environment for our team members to thrive.”
Reilly joined the Bank as a member of the Boards of BankProv and Provident Bancorp, Inc. in 2018 and was soon elected Chairman. He co-founded Centrix Bank in 1999 and led the organization as CEO until 2014 when the bank was acquired by Eastern Bank. Prior to co-founding Centrix Bank, Reilly was Chief Operating Officer and Senior Lending Officer at Centerpoint Bank. He is an industry veteran and a commercial banker known for his dedication to community involvement and local markets.
“I am grateful to be able to support the organization in this new capacity,” said Reilly. “BankProv has a long history of being a trusted partner for businesses. We will continue to build upon our past successes of providing best-in-class banking products and being a premier Banking-as-a-Service (BaaS) provider.”
BankProv, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank that offers a comprehensive suite of banking products for corporate clients. The Bank is a premier Banking-as-a-Service (BaaS) provider and specializes in technology-driven banking solutions to niche markets, including private equity, renewable energy, fintech and enterprise value lending. Headquartered in Amesbury, Massachusetts, BankProv is the 10th oldest bank in the nation. The Bank insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). To learn more about the organization, visit bankprov.com.