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 CINCINNATI, May 27 /PRNewswire/ -- Provident Bancorp, Inc. (NASDAQ: PRBK) announced today that its principal banking subsidiary, The Provident Bank ("Provident"), Cincinnati, Ohio, has been named as Defendant in a lawsuit filed on May 24, 1993 in the Hamilton County, Ohio, Court of Common Pleas by William J. Drumm, Superintendent of the Division of Savings and Loan Associations, State of Ohio, in his capacity as liquidator of Home State Savings Bank ("Home State"), and by the Depositor Assistance Corporation of the State of Ohio (the "Plaintiffs").
 The action seeks damages of $15.9 million relating to a dispute among the parties over certain obligations of Provident, as successor in interest by merger to Hunter Savings Association ("Hunter"), to account to the Plaintiffs for certain repayments allegedly owed by Hunter with respect to its purchase of assets of Home State from Plaintiffs in 1985. Provident acquired Hunter in December of 1991.
 The allegations of the lawsuit have been the subject of extensive negotiations between the parties. Provident and the sellers of Hunter have disputed substantial portions of Plaintiffs' alleged claims.
 Provident does not believe the ultimate resolution of the lawsuit will have a material impact on its financial condition. Provident has set aside reserves which it believes are adequate to cover certain of the claims asserted by Plaintiffs, and Provident was indemnified by the sellers of Hunter for other claims alleged by Plaintiffs.
 -0- 5/27/93
 CONTACT: Mark E. Magee, Legal Department, Provident Bancorp, Inc., 513-579-2861/

CO: Provident Bancorp, Inc. ST: Ohio IN: FIN SU:

AR -- CL016 -- 3193 05/27/93 18:01 EDT
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Publication:PR Newswire
Date:May 27, 1993

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