Provident Bank Forms Middle Market Team From Acquired Gotham Bank

MONTEBELLO, NY--(Marketwire - Aug 23, 2012) - Provident Bank, a subsidiary of Provident New York Bancorp (NYSE: PBNY), announced today that it formed a new Commercial Banking team from the former Gotham Bank of New York in the New York City Metro Market. This new team will operate out of the midtown Manhattan office and focus on serving legacy Gotham Bank clients as well as growing their middle market and private client base. There are 15 Provident Bank teams dedicated to serving the needs of businesses throughout the greater New York metropolitan area. This new team will operate out of the midtown Manhattan office and is one of six Commercial Banking teams serving the New York City Metro Market.

"One of the attractive elements of Gotham Bank was the strength of their commercial bankers," said Jack Kopnisky, President and CEO of Provident Bank. "We are pleased that they have joined the Provident Bank team and will continue to serve their clients in the manner to which they have become accustomed."

William Rossi was named Senior Managing Director and will lead this team with the assistance of Gabriel Sadfie, who joined Provident Bank in January 2012 as Managing Director. Mr. Rossi has over 35 years experience in commercial banking in New York City and had served as Gotham Bank's Chief Credit Officer since 2001. Mr. Safdie has over 20 years in banking and was previously a Senior Vice President, Private Banking at Capital One/North Fork Bank.

Five seasoned commercial bankers complete the new team. Neil Zimberg, Frank Puccio, Frank Colluccio, and Gary Solomon were each named Managing Director. Mr. Zimberg has over 25 years of commercial banking experience in New York City. Neil managed a commercial lending portfolio for Gotham Bank and was also responsible for business development. Mr. Puccio has nearly 20 years experience in commercial banking in New York City. Frank was a commercial lender with Gotham Bank since 2007. He previously served as a branch manager for North Fork Bank. Mr. Colluccio has over 35 years experience in commercial banking in New York City. Frank joined Gotham Bank in 1992 and was responsible for business development and relationship management. Mr. Solomon has over 30 years experience in commercial banking in New York City. He joined Gotham Bank in 2007 as a commercial lender. Melvin Altman was named Associate Managing Director. Mr. Altman has over 35 years in commercial banking in New York City. Mel served as a commercial lender for Gotham Bank since 2008. He previously managed a large commercial lending portfolio for Israel Discount Bank of New York. "We are pleased to join Provident Bank. We look forward to delivering the high level of personalized service our clients have come to expect through Provident's team-based approach," said William Rossi, team leader.

"Under Bill and Gabe's leadership, this team will leverage their existing client base and continue to grow new middle market and private client relationships," said David Bagatelle, New York City Metro Market President for Provident Bank.

Headquartered in Montebello, N.Y., Provident Bank, with $3.6 billion in assets, specializes in the delivery of service and solutions to business owners, their families, and consumers in communities within the greater New York City marketplace through teams of dedicated and experienced relationship managers. Our franchise includes 37 Financial Centers. Provident Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit the Provident Bank Web site at www.providentbanking.com.

FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISK FACTORS
Any statements contained herein that are not statements of historical fact, including those that anticipate future growth, may be deemed to be forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that may adversely affect the Company's ability to realize its plans. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release. There are a number of important factors described in documents filed by the Company with the Securities and Exchange Commission and other factors that could cause the Company's actual results to differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.