Two High Performing Banks Merge in the Midst of COVID
By:
Sharon J. Lorman
Robert E. Kafafian
Richard B. Trauger, Jr.
Guests: Christopher Martin, Chairman and CEO of Provident Financial Services, Inc., and Anthony J. Labozzetta, President, COO & Director of Provident Financial Services, Inc.
Podcast Show Notes:
Our This Month In Banking (TMIB) podcast features discussion with colleagues and other industry thought leaders on interesting banking news that happened this month. TMIB will be available on the last Wednesday of every month here, and on Apple and Droid podcast apps for your listening enjoyment. Join us on your commute, at your desk or at home.
Topic: Two High Performing Banks Merge in the Midst of COVID
Our guests this month are Christopher Martin, Chairman and CEO of Provident Financial Services, Inc. and Anthony J. Labozzetta, President, COO & Director of Provident Financial Services, Inc. Mr. Labozzetta was formerly President, CEO & Director of SB One Bancorp.
Provident Financial Services, Inc. (NYSE: PFS), the parent company of Provident Bank, completed a merger with SB One Bancorp (Nasdaq: SBBX) and its subsidiary, SB One Bank, effective July 31, 2020.. The combined company has approximately $12 billion in assets and ranks as the third largest bank headquartered in New Jersey. The merger brings together two high performing companies with complementary geographies and business lines. The merger was first announced on March 12, 2020 right when infections of COVID-19 started to rapidly increase in the U.S. On the prior day, the World Health Organization announced that COVID-19 was a global pandemic. Our guests share their thoughts on what it was like to deal with merger related issues while navigating unprecedented business disruption and business continuity plans as well as the challenges and opportunities related to the integration of the two companies.
Christopher Martin
Chairman and CEO of Provident Financial Services, Inc.
christopher.martin@providentnj.com
Mr. Christopher Martin, also known as Chris, has served as Chairman since April 2010, and Chief Executive Officer of Provident Financial Services, Inc. and Provident Bank since September 2009 and served as its President until July 31, 2020. Prior to that time, he served as the President and Chief Operating Officer of Provident Bank since January 2007 and he was President of Provident and Provident Bank since July 2004. He has been in the banking industry for over 34 years. Mr. Martin previously served as President and Chief Executive Officer of First Sentinel Bancorp, Inc. (“First Sentinel”), which was acquired by Provident Financial Services, Inc. in July 2004. Beginning with First Sentinel in 1984 as Controller, Mr. Martin advanced and was appointed President of First Sentinel Bancorp and its subsidiary, First Savings Bank, in 2003. He serves as Chairman of Beacon Trust Company.
Prior to his banking career, Mr. Martin worked for Johnson & Johnson in inventory control and as a Financial Analyst. Mr. Martin currently serves on the Board of Directors for the Federal Home Loan Bank of New York. He served on the Federal Reserve Community Depository Institutions Advisory Council. Mr. Martin is a Vice President of The 200 Club of Middlesex County, which provides financial assistance and scholarships to families of law enforcement, fire, and public safety officials. He serves on the Board of trustees of Elon University and is a past President of the alumni board. Mr. Martin volunteers at local food pantries and Habitat for Humanity build sites. He also spends time teaching financial literacy to high school students at inner city schools. He was formerly a Member of the Board of trustees of Big Brothers/Big Sisters of Monmouth and Middlesex Counties. Mr. Martin is President of The Provident Bank Foundation, since its founding in 2003. Mr. Martin has been honored for his philanthropic endeavors as a recipient of the New Jersey State Governor’s Jefferson Awards for Public Service, has been honored by the National MS Society, the American Jewish Committee, The Scholarship Fund for Inner-City Children, Habitat for Humanity, Boys and Girls Club of America, Project Live and Felician College. Mr. Martin received a bachelor’s degree in accounting and business from Elon University and holds an MBA from Monmouth University.
Anthony J. Labozzetta Biography
President, COO & Director of Provident Financial Services, Inc.
anthony.labozzetta@providentnj.com
Mr. Anthony J. Labozzetta, also known as Tony, serves as President, Chief Operating Officer and Director at Provident Bank since August 2020. Mr. Labozzetta has been President, Chief Operating Officer and Director at Provident Financial Services, Inc. since July 31, 2020. Mr. Labozzetta served as Chief Executive Officer and President of SB One Bancorp (formerly known as, Sussex Bancorp) and SB One Bank (formerly known as, Sussex Bank Rebrand). He was previously an Executive Vice President of TD Bank from 2006 to 2010. Prior to joining TD Bank, Mr. Labozzetta served as the Senior Executive Vice President and COO of Interchange Financial Services Corporation until its acquisition by TD Bank in 2006. Mr. Labozzetta also previously served as the Chief Financial Officer of Interchange Financial Services Corporation. He was formerly a certified public accountant with Deloitte & Touche. With more than 30 years of banking experience, including strategic planning and growth, regulatory compliance, investor relations, risk management, mergers and acquisitions and management development, Mr. Labozzetta has extensive and diverse knowledge of the banking business. He is a graduate of Wagner College.
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Watch for episode 60 of This Month in Banking to be released, earlier than usual, on Tuesday, December 22, 2020, and a new episode on the last Wednesday of every month.
Thank you for listening!