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Provident Bank Acquires Resx Warehouse Lending Portfolio from People´s United Bank
Thursday 30 January 2020

30 January 2020 - New Hampshire, US-based The Provident Bank has acquired the ResX Warehouse lending portfolio from People's United Bank, N.A. to enter warehouse lending business, the company said.
Terms of the transaction were not disclosed.
The Provident Bank said the warehouse lending business is a niche business that parallels its strategy of engaging in specialised businesses where it can have expertise and focus.
ResX Warehouse Lending, a division of The Provident Bank, will conduct business from its operations facility in Ponte Vedra Beach, Florida.
The division targets creditworthy, small to mid-cap, independent mortgage banking companies for warehouse lines from USD 3m to USD 25m.
The Provident Bank, a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC), is a commercial bank that finds solutions for business and private clients.
Date Published: 30/01/2020
Target: ResX Warehouse lending portfolio
Country: USA
Sector: Banking/Financial Services
Type: Corporate acquisition
Status: Closed
Vendor: People´s United Bank, N.A.
Buyer: The Provident Bank
Terms of the deal were not disclosed