Enhanced Investments - Financial Portal

PROVIDENT BANCORP, INC. ANNOUNCES IT HAS NO EXPOSURE TO BLOCKFI

Published: 2022-11-29 20:49:00 ET

AMESBURY, Mass., Nov. 29, 2022 /PRNewswire/ -- Provident Bancorp, Inc. (the "Company") (Nasdaq:PVBC), the holding company for BankProv (the "Bank"), provided an update regarding developments related to crypto firm BlockFi.

The Bank has announced that it has no direct exposure to BlockFi or any of its entities. The Bank has no outstanding loans to, investments in, or deposits from, and has not partnered with, BlockFi, the crypto firm that has filed for bankruptcy protection.

The Bank is a federally regulated institution with deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).

About Provident Bancorp, Inc.

Provident Bancorp, Inc. is a Maryland corporation and the holding company for BankProv. BankProv is a future-ready commercial bank for corporate clients, specializing in offering adaptive and technology-first banking solutions to niche markets. We are committed to offering state-of-the-art APIs (application programming interfaces) for all business clients and BaaS (Bank as a Service) partners. Through our offerings, BankProv insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information, visit bankprov.com.

Contact:	Carol L. Houle
	Executive Vice President and
	Chief Financial Officer
Telephone:	(877) 487-2977

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SOURCE Provident Bancorp, Inc.

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.