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PROVIDENT BANCORP, INC. ANNOUNCES INCREASED CASH DIVIDEND FOR SECOND CONSECUTIVE QUARTER

 CINCINNATI, Jan. 21 /PRNewswire/ -- Provident Bancorp, Inc. (NASDAQ: PRBK) announced today that it has increased the quarterly cash dividend on its common stock 11 percent to $.20 per share from $.18 per share. All cash dividend per share figures have been adjusted to reflect the company's three-for-two stock split effective Jan. 20, 1993. The increased dividend, the company's second in the past two quarters, will be paid on Feb. 26, 1993 to stockholders of record on Feb. 8, 1993.
 Allen L. Davis, president of Provident, stated, "This second consecutive quarterly cash dividend increase reflects our continued core earnings growth and strong capital position, and indicates our confidence in Provident's future growth prospects.
 "Provident has increased the quarterly cash dividend three times in the last twelve months, representing a 50 percent increase in the cash dividend over this timeframe."
 The company's previous quarterly stock dividend increase, announced Oct. 15, 1992, raised the payout from $.16-2/3 per share to $.18 per share.
 Provident Bancorp, Inc. is a $4 billion bank holding company headquartered in Cincinnati. Its banking subsidiaries are The Provident Bank - which has 55 offices, including 40 in the Greater Cincinnati area, 12 in the Greater Dayton region, two in Cleveland and one in Columbus - and The Provident Bank of Kentucky, which has six offices in Northern Kentucky.
 -0- 1/21/93
 /CONTACT: James A. Haas, vice president, investor relations of Provident Bancorp, Inc., 513-345-7102/
 (PRBK)


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

KK -- CL015 -- 7592 01/21/93 16:08 EST
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Publication:PR Newswire
Date:Jan 21, 1993
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