September 19, 2017 9:19 AM ET

Banks

Company Overview of Provident Savings Bank, F.S.B.

Company Overview

Provident Savings Bank, F.S.B. provides personal and business banking products and services. It offers checking accounts, savings accounts, certificate of deposits, and credit card services; home loans; commercial loans, such as financing for various income property types that include industrial, office, mobile home parks, self-storage, multifamily, and retail; and commercial construction loans. The company also provides merchant services, business loans, cash management, retirement planning, investment services, and online and mobile banking services. Provident Savings Bank, F.S.B. was formerly known as Provident Savings Bank and changed its name to Provident Savings Bank, F.S.B. in June 19...

3756 Central Avenue

Riverside, CA 92506

United States

Founded in 1956

Phone:

951-686-6060

Fax:

951-786-4725

Key Executives for Provident Savings Bank, F.S.B.

Chairman and Chief Executive officer
Age: 69
President, COO, CFO, Principal Accounting Officer and Secretary
Age: 57
Chief Information Officer and Senior Vice President
Age: 62
Chief Lending Officer and Senior Vice President
Age: 58
Senior Vice President of Retail Banking
Age: 51
Compensation as of Fiscal Year 2017.

Provident Savings Bank, F.S.B. Key Developments

Provident Savings Bank, FSB Provides Update on Lawsuit

On December 17, 2012, a class and collective action lawsuit, Gina McKeen-Chaplin, individually and on behalf of others similarly situated v. Provident Savings Bank, FSB was filed in the United States District Court for the Eastern District of California against the Bank claiming damages, restitution and injunctive relief for alleged misclassification of certain employees as exempt rather than non-exempt, resulting in a failure to pay appropriate overtime compensation, to provide meal and rest periods, to pay waiting time penalties and to provide accurate wage statements. The plaintiffs seek unspecified monetary relief. On August 12, 2015, the Court issued an order denying the plaintiffs' motion for summary judgment and granting the Bank's motion for summary judgment affirming that the plaintiffs were properly classified as exempt employees and denying the federal claims.  On August 18, 2015, the plaintiffs filed an appeal to the order. On July 5, 2017, the United States Court of Appeals for the Ninth Circuit reversed the Court's ruling granting the Bank's motion for summary judgment, instead ruling the plaintiffs were improperly classified as exempt employees and were entitled to overtime compensation. The Ninth Circuit remanded the case back to the Court with instructions to enter summary judgement in favor of the plaintiffs. The Bank is evaluating its legal options with respect to the Ninth Circuit's decision, including the possible filing of a petition for writ of certiorari to the United States Supreme Court.

Provident Savings Bank Closes its Iris Plaza Branch, Effective Close of Business on March 31, 2016

Provident Financial Holdings Inc. announced that Provident Savings Bank, F.S.B. (Bank), the wholly-owned subsidiary of the company has closed its Iris Plaza Branch located at 16110 Perris Boulevard, Suite K, Moreno Valley, California 92551. The closure became effective at the close of business on March 31, 2016. Effective April 1, 2016, all customer relationships have been transferred to its Moreno Valley Heacock Branch located at 12460 Heacock Street, Moreno Valley, California 92553 which is approximately 4.8 miles from the Iris Plaza Branch.

Provident Savings Bank, F.S.B. Intends to Close its Iris Plaza Branch Located in California

On December 21, 2015, Provident Financial Holdings Inc. announced that Provident Savings Bank, F.S.B. has filed a notification with the Office of the Comptroller of the Currency (OCC) that the bank intends to close its Iris Plaza Branch located at 16110 Perris Boulevard, Suite K, Moreno Valley, California 92551 on or about March 31, 2016. The ank will transfer all customer relationships to its Moreno Valley Heacock Branch located at 12460 Heacock Street, Moreno Valley, California 92553 which is approximately 4.8 miles from the Iris Plaza Branch. Current personnel of the Iris Plaza Branch will be reassigned to other branches of the Bank. The closure is subject to customary conditions and contingencies including the non-objection of the OCC, among others.

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