Provident Bank Parent Repurchases 280,450 Shares

MONTEBELLO, N.Y. (AP) — Provident New York Bancorp, the parent company of Provident Bank, said Tuesday that it had repurchased 280,450 shares in the most recent quarter as part of an ongoing effort to boost its capital reserves.

The buyback is part of a $2 million repurchase announced in August 2007. About 872,000 shares remain under the existing program, the company said.

The repurchase comes at a time when a growing number of banks are selling shares to shore up their balance sheets. Financial giants such as JPMorgan Chase & Co., American Express and Morgan Stanley have all announced stock offerings in recent days prove their financial health in an effort to repay loans received under the Troubled Asset Relief Program. ...