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PROVIDENT BANCORP ANNOUNCES COMPLETION OF MUTUAL SAVINGS AND LOAN ACQUISITIONS

 PROVIDENT BANCORP ANNOUNCES COMPLETION OF
 MUTUAL SAVINGS AND LOAN ACQUISITIONS
 CINCINNATI, July 27 /PRNewswire/ -- Provident Bancorp, Inc. (NASDAQ/NMS: PRBK), announced today that it has completed the acquisitions of Merit Savings Association, a $106 million mutual savings and loan located in Cincinnati, Peoples Federal Savings and Loan Association of Bellevue, a $64 million mutual savings and loan located in Campbell and Boone Counties, Ky., Suburban Federal Savings and Loan Association of Covington, a $51 million mutual savings and loan located in Kenton County, Ky., and Thrift Savings and Loan Company, a $132 million mutual savings and loan located in Cincinnati.
 In connection with the acquisitions, Provident issued 1,822,634 shares of common stock and received aggregate gross proceeds of $51.7 million. An aggregate of 780,236 shares were sold at $27.55 per share in subscription offerings to certain depositors and other members of the mutuals. An additional 1,042,398 shares were sold at $29.00 per share in a public offering.
 As a result of the acquisitions and stock offerings, total assets of Provident have increased from approximately $3.3 billion to approximately $3.7 billion and total shareholder's equity of Provident has increased from approximately $206 million to approximately $283 million. In addition, Provident has increased its banking subsidiary branch locations from 53 branches to 66 branches as a result of the acquisitions.
 Allen L. Davis, president of Provident said: "This is a momentous accomplishment for Provident. We have increased our shareholder equity by almost 37 percent, placing Provident Bank in the 'well capitalized' category under FDIC capital definitions. In addition, we have expanded our branch network into four more counties in the Greater Cincinnati/Northern Kentucky market area, strengthening our position in our principal market. We welcome our new shareholders and look forward to serving the new customers coming to us from the four mutual savings and loans."
 Provident Bancorp, Inc. is a bank holding company headquartered in Cincinnati. Its banking subsidiaries are The Provident Bank, which has 60 offices - 46 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 three offices in Campbell County, two offices in Kenton County and one office in Boone County, Ky.
 -0- 7/27/92
 /CONTACT: Mark E. Magee, general counsel of Provident Bancorp, Inc., 513-579-2861/
 (PRBK) CO: The Provident Bancorp, Inc. ST: Ohio IN: FIN SU: TNM


BM -- CL012 -- 3726 07/27/92 17:47 EDT
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Publication:PR Newswire
Date:Jul 27, 1992
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