ROI Influencers: Banking 2024
Tony Labozzetta
CEO
Provident Bank
It would be easy to say that three decades as a senior executive in the banking business has taught Tony Labozzetta two key industry secrets: the numbers never lie … and patience pays off.
Labozzetta, one of the key architects of Provident Bank’s megamerger with Lakeland Bank, certainly saw that to be true during the 20-month approval process.
But, now that it is done — all approvals have been given — the longer-than-expected wait should pay off nicely for customers at both banks.
The merger will create the premier super-community bank in the region, one with a strong capital base, low credit risk profile and experienced leadership team with mergers & acquisitions integration expertise.
Seeing the merger to the finish line is a key reason why Labozzetta is No. 1 in the 2024 ROI Influencers: Banking list.
The numbers, of course, tell the story.
The merger, finalized in May in accordance with the agreement from Sept. 26, 2022, will create a combined company with $24.5 billion of assets, $18.8 billion of loans, deposits of $18.6 billion and total stockholders’ equity of $2.3 billion.
The combined company, which will operate under the “Provident Financial Services Inc.” name, will operate 140 branches across New Jersey and parts of New York and Pennsylvania.
The combined organization is strategically positioned to benefit from a diverse revenue and earnings stream; an expansive retail banking network; strong positions in several lines of business, including commercial real estate, residential mortgage origination, asset-based lending and equipment lease financing; along with a robust commercial banking platform. The combined company also will benefit from two fee-based business lines with its Beacon Trust wealth management subsidiary and Provident Protection Plus insurance subsidiary.
Labozzetta, who joined Provident in the summer of 2020, will serve as CEO.
Patience has paid off.
