MONTEBELLO, NY--(Marketwire - Jul 16, 2012) - Provident Bank, a subsidiary of Provident New York Bancorp (NYSE: PBNY), announced it has launched a new Wealth Management Services practice and filled two key roles. The new practice will be co-lead by Rodney Whitwell, Executive Vice President and Chief Operating Officer and David S. Bagatelle, Executive Vice President and New York City Metro Market President. "Provident Bank has provided clients with wealth management products and services through third party and affiliate providers and will continue to do so. This new practice, however, is a significant expansion with dedicated resources designed to provide a full array of wealth management options to our growing and sophisticated client base," said Mr. Whitwell. "Our brand of wealth management will be focused on serving the unique needs of our client base with the same high-touch approach we employ for client's banking relationships coupled with best-in-class strategic alliances for products and services," added Mr. Bagatelle. "We have designed our wealth management services platform to provide dedicated service delivery to the unique segments of our client base. Financial Advisors will be available for our clients that require more straightforward financial solutions and Wealth Advisors will be available for our clients that require more complex financial solutions -- all delivered with the same level of highly personalized service."
Brahna Singer has joined Provident Bank as Wealth Management Sales Manager. Ms. Singer will be responsible for building the retail wealth management program and managing the staff of financial and wealth advisors. Brahna has over 25 years of experience managing wealth management programs and a strong track record of success. Ms. Singer most recently served as National Sales Manager for Banco Popular North America's Popular Investment division where she managed 155 branches and $16 billion in assets. She has held multiple positions throughout her earlier career where she delivered leading sales results. "I am impressed with the business model Provident Bank has established for wealth management and I am energized by the opportunity to grow it into a first-rate program," said Ms. Singer.
Michael J. Desmond has joined the bank as Senior Wealth Management Advisor and will be responsible for the wealth management platform for the New York City Metro market. Michael will draw on his extensive wealth advisory background to create and implement customized solutions for the bank's clientele focusing on the middle market and business clients as well as the owners, senior managers, and employees of those businesses. Mr. Desmond has over 20 years in wealth management and most recently served as Managing Director, Wealth Management for Herald National Bank, where he helped build the wealth management platform. Michael is a member of the Investment Management Consultants Association, and earned a Certified Investment Management Analyst designation from the Wharton School of Business.
Along with the launch of Wealth Management Services, Provident Bank also announced that it has reached an agreement in principle pending final contract with LPL Financial as broker-dealer to provide wealth management services to support the financial and wealth advisors. The agreement is expected to be finalized by August of this year. LPL is the nation's largest independent broker-dealer and is an enabling partner to more than 680 financial institutions. "LPL has been a good partner to Provident Bank for several years and this new relationship expands the breadth and depth of products and service for our clients," said Mr. Whitwell.
"Wealth management is a key need for our clients and we intend to deliver it seamlessly through our established teams of relationship managers," said Jack L. Kopnisky, President and Chief Executive Officer for Provident Bank. "Our clients will benefit from dedicated expertise, but rely on their relationship manager to pull their entire relationship together for maximum integration and value."
Headquartered in Montebello, N.Y., Provident Bank, with $3.2 billion in assets, specializes in the delivery of service and solutions to business owners, their families, and consumers in communities within the greater New York City marketplace through teams of dedicated and experienced relationship managers. Our franchise includes 36 Financial Centers. Provident Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit the Provident Bank Web site at www.providentbanking.com.
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