Nov 16 - The board of directors of Provident Financial Services Inc. (NYSE:PFS) in Jersey City, N.J., has approved a special cash dividend of 20 cents per common share payable on Dec. 21, 2012, to stockholders of record as of the close of business on Dec. 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 CEO. "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.