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).
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.
Carol L. Houle
Executive Vice President and
Chief Financial Officer
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