Provident Bank Names Key Leaders

MONTEBELLO, NY--(Marketwire - Dec 6, 2011) - Provident Bank, a subsidiary of Provident New York Bancorp (NASDAQ: PBNY), announced appointments in key leadership positions. "As we implement our strategy, strong leadership is critical to our success," said Jack Kopnisky, President and CEO of Provident Bank. Market President is a new role for the bank. Market Presidents will lead all aspects of the bank within their geography, delivering all the resources of the bank to commercial and consumer customers to meet their total banking needs.

Jim Peoples has been named Executive Vice President of Provident Bank and Market President for the central market that covers Rockland, Westchester and Bergen counties. "Jim is a great addition to our leadership team and has a track record of growing markets," said Jack Kopnisky. "I am looking forward to growing Provident Bank and providing superior value to our customers," Jim Peoples added. Mr. Peoples has over 35 years of experience in banking and was most recently Chairman, President and CEO of United Western Bank in Denver, Colorado. Prior to joining United Western Bank he served in a variety of leadership positions with KeyCorp from 1995 to 2008. During those years Mr. Peoples served as President of the Seattle Cascades District, the second largest district within Key, growing deposits by 72% and loans by 60% in addition to expanding the franchise both organically and through acquisition. Jim is no stranger to the metropolitan New York marketplace as he held a credit leadership position for National Westminster Bank earlier in his career. Jim has a history of active community involvement. He served as chair of the Greater Seattle Chamber of Commerce, Campaign Chair of Mile High United Way and as a board member for the University of Washington Foundation.

Rick Jones has been named Market President for the north market that covers Orange, Sullivan, Ulster, Putnam, and Dutchess counties. Mr. Jones joined Provident Bank in 2004 as Executive Vice President and previously served as head of Business Services. "We are pleased that Rick is taking on leadership of our north market and leveraging his experience both with the bank and in this marketplace," said Jack Kopnisky. "I am excited to broaden my responsibilities in this market," Rick Jones added, "I have lived in Orange County for over 35 years and have been actively involved in this community." Rick has 38 years of consumer and business banking experience. He joined Provident Bank after retiring from JP Morgan Chase where he served as Senior Vice President of Client Management and Personal Financial Services for JP Morgan Chase's Personal Financial Wealth Services Group since 2002. From 1996 to 2002, Mr. Jones served as Senior Vice President/Regional President for the Tri-State (New York-New Jersey-Conneticut) and Texas Regions of JP Morgan Chase. Rick was previously with Chemical Bank, which was acquired by Chase. He started his banking career with Manufacturers Hanover in 1973. Rick has been involved in the Orange County community for years, most recently as a member of the Board of Directors of St Anthony's Hospital. In the early 1990's, he served four year terms as both as Town Councilman and Planning Board member for the Town of Monroe.

Rodney Whitwell has been named Executive Vice President and Chief Operating Officer of Provident Bank. He joined Provident Bank in August and served as Senior Vice President of Strategy/Corporate Development. Chief Operating Officer is a new role for bank. Mr. Whitwell will be responsible for driving strategy and consolidating operational functions under his leadership, including Provident's direct banking channels, systems and technology, products and services, marketing, and bank operations. "Rodney brings a wealth of experience to drive strategy and build a customer-centric, highly efficient bank operation that supports our market sales leadership," said Jack Kopnisky.

Prior to joining the Company, Mr. Whitwell served as Principal at Mercatus LLC, a national financial services consulting and investing firm, where he was responsible for directing strategic consulting engagements with financial services providers. From 2008 to 2010, Mr. Whitwell was Chief Executive Officer of Union Federal Savings Bank, a federally chartered savings bank and subsidiary of The First Marblehead Corporation. From 2007 to 2008, Mr. Whitwell was Senior Vice President, New Business Initiatives at The First Marblehead Corporation, a provider of outsourcing services for private education lending. Prior to joining First Marblehead, Mr. Whitwell served as Director of Segment Management at KeyCorp from 2004 to 2007.

"Our new leaders are ready and able to leverage our existing market strength to develop new opportunities for growth and take Provident Bank to the next level," said Jack Kopnisky.

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.

Headquartered in Montebello, N.Y., Provident Bank, with $3.1 billion in assets, is the largest independent full-service community bank in the lower Hudson Valley. Provident Bank operates 37 branches that serve the Hudson Valley region including three Commercial Banking Centers in Westchester County, and two Commercial Banking Centers in Bergen County, N.J., and one Commercial Banking Center in Montebello, NY. The bank offers a broad line of commercial, retail and investment management services. Visit the Provident Bank Web site at www.providentbanking.com.