Business Context and Reporting Period
This Form 8-K Current Report was filed by Provident Financial Services, Inc. on June 4, 2010, covering events occurring on June 2, 2010. The filing reports the appointment of a new principal officer at The Provident Bank, the Company's wholly-owned savings bank subsidiary.
Key Financial Metrics
The filing does not provide specific financial data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The report focuses exclusively on personnel changes and related contractual agreements.
Material Changes
Effective June 2, 2010, Frank S. Muzio, CPA, was appointed as First Vice President and Chief Accounting Officer of The Provident Bank. Mr. Muzio will oversee accounting policy and financial reporting, reporting directly to Chief Financial Officer Thomas M. Lyons. He brings over 25 years of experience in banking and financial services, having previously served as Senior Vice President - Controller at Sovereign Bancorp and Independence Community Bank Corp.
Guidance, Outlook, and Contingencies
The Company entered into a Change in Control Agreement with Mr. Muzio effective June 2, 2010. Key terms include:
- Term: 24 months.
- Severance Trigger: Termination without cause, disability, or retirement, or resignation for "good reason" (e.g., material change in duties, salary reduction, relocation over 25 miles, or failure to assume the agreement).
- Severance Amount: Two times the highest aggregate annualized base salary and cash compensation paid during the termination year or the two preceding years.
- Benefits: Continuation of life, health, dental, and disability coverage for the remaining term.
- Limitations: Payments are reduced to avoid excess parachute payments under Section 280G of the Internal Revenue Code.
No other risks, contingencies, or unusual items were disclosed in this filing.
Investor Verification Checklist
- Verify the full text of the news release dated June 3, 2010, attached as Exhibit 99.1.
- Review the Change in Control Agreement form filed as an Exhibit to the December 31, 2009 Form 10-K.
- Confirm Mr. Muzio's prior employment history and qualifications as stated in the filing.
- Check for any subsequent filings regarding executive compensation or changes in the accounting department.