MORRISTOWN, N.J., Aug. 11, 2011 /PRNewswire/ -- The Provident Bank, a wholly owned subsidiary of Provident Financial Services, Inc. (NYSE: PFS), announced today that it completed its acquisition of Beacon Trust Company, a New Jersey limited purpose trust company, and Beacon Global Asset Management, Inc., an SEC-registered investment advisor incorporated in Delaware.
As of the closing date, the assets under management of the combined entities were approximately $1.5 billion. James D. Nesci, Provident's Chief Wealth Management Officer, has been named president of the acquired entities which will continue to operate from their existing offices in Morristown.
In commenting on the transaction, Provident's Chairman, President and CEO, Christopher Martin said: "I would like to extend a personal warm welcome to all of Beacon's valued clients, as well as its dedicated employees, to the Provident family. Beacon clients will continue to receive the high quality service they have come to expect, while enjoying the added benefits and stability afforded by Provident's 172 years of NJ banking experience. This transaction serves to significantly expand Provident's wealth management business throughout the state. Coupled with Provident's 80-plus branch network, Beacon's expertise in trust and wealth management services strategically positions our organization to increase our market share and enhance our non-interest earnings growth."
About ProvidentEstablished in 1839, The Provident Bank is a New Jersey-chartered capital stock savings bank that operates 81 full-service branches in Hudson, Bergen, Essex, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset and Union counties. Provident is a wholly owned subsidiary of Provident Financial Services, Inc., which was formed in 2002 in connection with The Provident Bank's conversion from a mutual to stock savings bank. Forward-Looking Statements