Provident Financial Services, Inc. Announces Special Cash Dividend

      Provident Financial Services, Inc. Announces Special Cash Dividend

PR Newswire

JERSEY CITY, N.J., Nov. 15, 2012

JERSEY CITY, N.J., Nov.15, 2012 /PRNewswire/ --Provident Financial Services,
Inc. (NYSE:PFS) (the "Company") announced today that its Board of Directors
approved a special cash dividend of $0.20 per common share payable on December
21, 2012, to stockholders of record as of the close of business on December 7,
2012. "Given our strong capital levels, and the likelihood of a change in the
tax rates on dividends beginning next year, we believe it is timely to pay a
special dividend to our stockholders before the end of 2012," said Christopher
Martin, Chairman, President and Chief Executive Officer. "This special
dividend is consistent with our sound capital management policies and our
on-going commitment to provide a meaningful return to our stockholders.
Following this special dividend our capital ratios will remain strong, and
with projected earnings adding to capital, we will continue to prudently grow
our loan portfolio, buyback our stock when it makes economic sense, and pursue
accretive acquisitions."

About the Company

Provident Financial Services, Inc. is the holding company for The Provident
Bank, a community-oriented bank offering a full range of retail and commercial
loan and deposit products via its network of full service branches throughout
northern and central New Jersey. A complete array of trust, fiduciary and
wealth management services are available through the Bank's wholly owned
subsidiary, Beacon Trust Company.

Forward Looking Statements

Certain statements contained herein are "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Such forward-looking statements may be
identified by reference to a future period or periods, or by the use of
forward-looking terminology, such as "may," "will," "believe," "expect,"
"estimate," "anticipate," "continue," or similar terms or variations on those
terms, or the negative of those terms. Forward-looking statements are subject
to numerous risks and uncertainties, including, but not limited to, those
related to the economic environment, particularly in the market areas in which
the Company operates, competitive products and pricing, fiscal and monetary
policies of the U.S. Government, changes in government regulations affecting
financial institutions, including regulatory fees and capital requirements,
changes in prevailing interest rates, acquisitions and the integration of
acquired businesses, credit risk management, asset-liability management, the
financial and securities markets and the availability of and costs associated
with sources of liquidity.

The Company cautions readers not to place undue reliance on any such
forward-looking statements which speak only as of the date made. The Company
advises readers that the factors listed above could affect the Company's
financial performance and could cause the Company's actual results for future
periods to differ materially from any opinions or statements expressed with
respect to future periods in any current statements. The Company does not
undertake and specifically declines any obligation to publicly release the
result of any revisions which may be made to any forward-looking statements to
reflect events or circumstances after the date of such statements or to
reflect the occurrence of anticipated or unanticipated events.

Web Site: http://www.providentnj.com

SOURCE Provident Financial Services, Inc.

Website: http://www.providentnj.com
Contact: Investor Relations, Provident Financial Services, Inc.,
+1-732-590-9300
 
Press spacebar to pause and continue. Press esc to stop.