Jack L. Kopnisky Takes the Helm of Provident Bank as New President and Chief Executive Officer

MONTEBELLO, NY--(Marketwire - Jul 7, 2011) - Provident New York Bancorp (NASDAQ: PBNY), the parent company of Provident Bank announced that effective July 6^th, 2011, Jack L. Kopnisky officially assumed the position of President and Chief Executive Officer of the company and Provident Bank succeeding George Strayton who recently retired after 25 years at the helm of the Bank.

Mr. Kopnisky, who also joins the Boards of Provident New York Bancorp, Provident Bank, and Provident Municipal Bank, brings to the Bank over three decades of experience in the banking and financial services industries. Prior to his appointment, Mr. Kopnisky served as Chief Executive Officer of SJB Escrow Corporation, a $1.1 billion investment pool since 2009, and as a partner in Mercatus LLC, a national financial services consulting and investing firm, since 2008. From 2005 until 2008, he was President and Chief Executive Officer of First Marblehead Corporation, a provider of outsourcing services for private education lending. As CEO of First Marblehead, Mr. Kopnisky significantly restructured and repositioned the company, doubling revenues and earnings from 2005 to 2007.

Prior to joining First Marblehead, Mr. Kopnisky served in a variety of leadership positions with KeyCorp and predecessor banks from 1988 to 2005. During those years, he served as President and Chief Executive Officer, Key Investments Inc.; President, Retail Banking, and President, Consumer Banking Group where he was responsible for Retail Banking, Business Banking, Consumer Banking and Community Development. As President of the Consumer Banking Group, he was responsible for a $65 billion business portfolio that generated $2.5 billion in revenue and contributed 48% of total corporate earnings.

"I am looking forward to building a best in class financial services company. I am impressed with the resources and strong foundation for growth that has been built at Provident and am eager to leverage the capabilities to deliver strong results to our investors, exceptional service to our clients and a terrific work environment for employees," Mr. Kopnisky said.

In accordance with the previously reported terms of his employment agreement, Mr. Kopnisky has received a non-qualified stock option covering 107,526 shares of common stock, 29,550 shares of restricted stock with time-based vesting and 11,820 shares of restricted stock with performance-based vesting. The Company made the grants pursuant to the NASDAQ inducement grant exception. The Executive Compensation Committee and Board of Directors approved the grants in accordance with NASDAQ Listing Rule 5635(c)(4).

Headquartered in Montebello, N.Y., Provident Bank, with $2.9 billion in assets, is the largest independent full-service community bank in the lower Hudson Valley. Provident Bank operates 35 branches that serve the Hudson Valley region including three Commercial Banking Centers in Westchester County, and one office in Bergen County, N.J. The bank offers a complete line of commercial, retail and investment services. Visit the Provident Bank Web site at www.providentbanking.com.