Provident Financial Services, Inc. Announces Pricing of Subordinated Notes Offering
ISELIN, N.J., Aug. 20, 2026 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) (the 'Company”), the holding company for Provident Bank (the 'Bank”), today announced the pricing of its offering of $175 million of its 6.50% Fixed-to-Floating Rate Subordinated Notes due 2036 (the 'Notes”) in a registered public offering (the 'Offering”). The Notes will initially bear interest at 6.50% per annum from and including August 24, 2026 to, but excluding, September 1, 2031, with interest payable semiannually in arrears commencing on March 1, 2027. Commencing September 1, 2031, the interest rate on the Notes will reset quarterly to a floating rate per annum equal to a benchmark rate that is expected to be Three-Month Term SOFR (which is defined in the Notes) plus 239 basis points, with interest payable quarterly in arrears.