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PROVIDENT BANCORP ANNOUNCES COMMENCEMENT OF STOCK OFFERINGS IN CONNECTION WITH S & L ACQUISITIONS

 PROVIDENT BANCORP ANNOUNCES COMMENCEMENT
 OF STOCK OFFERINGS IN CONNECTION WITH S & L ACQUISITIONS
 CINCINNATI, June 8 /PRNewswire/ -- Provident Bancorp, Inc. (NASDAQ/NMS: PRBK), Merit Savings Association, Thrift Savings and Loan Company, Peoples Federal Savings and Loan Association of Bellevue and Suburban Federal Savings and Loan Association of Covington, jointly announce receipt of federal regulatory approvals, subject to certain conditions, for the savings and loans to convert from mutual to stock institutions, be acquired by Provident Bancorp and be merged into a Provident Bancorp banking subsidiary. Final state regulatory approvals are expected to be received prior to the closing of the transactions.
 In connection with these conversion merger transactions, Provident Bancorp is offering shares of its common stock to eligible customers of the savings and loans in four separate, but concurrent subscription offerings, aggregating approximately $26.3 million. The subscription offerings, which are being managed by Community Capital Group, a division of Ryan, Beck & Co., Inc., are expected to conclude July 10, 1992. Shares unsubscribed for in the subscription offerings are expected to be offered by Provident Bancorp in an underwritten public offering to be managed by Lehman Brothers, Kemper Securities Group, Inc. and McDonald & Company Securities, Inc. Provident Bancorp also expects to offer additional shares of common stock in the public offering, so that total gross proceeds of the four subscription offerings and the public offering will approximate $50 million, exclusive of any proceeds from the exercise of an overallotment option expected to be granted to the underwriters in the public offering. These offerings are being made only by means of subscription offering prospectuses and a public offering prospectus.
 Shares of Provident Bancorp common stock may be purchased in the subscription offerings (up to prescribed limits) at a per share price that is 5 percent less than the price at which shares will be sold in the public offering. The public offering price will be determined at the commencement of the public offering.
 Merit and Thrift will be merged into The Provident Bank, Provident Bancorp's commercial bank subsidiary based in Cincinnati. Similarly, Peoples and Suburban will be merged into The Provident Bank of Kentucky, Provident Bancorp's commercial bank subsidiary based in Campbell County, Ky.
 Financial information about the savings associations and Provident Bancorp, information about Provident Bancorp's business and details about the proposed acquisitions and the common stock offering are presented in a Subscription Offering Prospectus which has been mailed to eligible customers of the savings and loans. For information about the stock offering or to obtain a prospectus, call 513-345-7000.
 Provident Bancorp Inc. is a bank holding company headquartered in Cincinnati. Its banking subsidiaries are The Provident Bank, which has 52 offices - 38 in the greater Cincinnati area, 11 in the greater Dayton area, two in Cleveland and one in Columbus, and The Provident Bank of Kentucky, which has two offices in Campbell County, Ky.
 This release is neither an offer to sell nor a solicitation of an offer to buy securities. The offer is made only by means of a Prospectus.
 -0- 6/8/92
 /CONTACT: Mark E. Magee, general counsel, Provident Bancorp, Inc., 513-579-2861/
 (PRBK) CO: Provident Bancorp ST: Ohio IN: FIN SU: TNM


KK -- CL003 -- 7784 06/08/92 09:49 EDT
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Publication:PR Newswire
Date:Jun 8, 1992
Words:536
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