Business Context and Reporting Period
Company: Provident Financial Holdings, Inc. (NASDAQ: PROV)
Filing Type: Form 8-K (Current Report)
Date of Report: December 16, 2002
Reporting Period: Event date December 16, 2002
Provident Financial Holdings, Inc. is a Delaware corporation headquartered in Riverside, California. Its wholly-owned subsidiary, Provident Savings Bank, FSB, operates as a community-oriented, federally chartered, full-service retail bank with assets exceeding $1.0 billion. The bank currently operates 11 retail/business banking offices and 9 mortgage loan production offices.
Key Financial Metrics
This filing is a Current Report (Form 8-K) regarding a specific corporate event and does not contain audited financial statements, revenue, profit, cash flow, or margin data for the reporting period.
- Total Assets: More than $1.0 billion (as stated in the press release).
- Branch Count: 11 existing retail/business offices; 12th office planned for Riverside Orange Crest.
- Revenue/Profit/Cash Flow: Not provided in this filing.
- Debt/Liquidity: Not provided in this filing.
Material Changes
The primary material event reported is the completion of an acquisition:
- Acquisition: Provident Savings Bank, FSB completed the acquisition of the deposits of Valley Bank's Sun City branch office.
- Agreement Date: The Deposit Purchase and Assumption Agreement was originally announced on August 30, 2002.
- Completion Date: December 16, 2002.
- Management Change: Annette Morales, previously the Manager of Valley Bank's Sun City Office, was appointed Manager of the newly acquired Provident Bank Sun City Office.
Guidance, Outlook, and Risks
Management Commentary: Management stated that the acquisition represents continued efforts to increase market share in served communities. The company highlighted benefits for new customers, including longer banking hours, online banking, 24-hour telephone banking, and a full range of financial products.
Forward-Looking Statements and Risks: The filing includes a standard disclaimer regarding forward-looking statements. Risks and uncertainties that could cause actual results to differ materially include:
- General business environment and interest rates.
- California real estate market conditions.
- Competitive conditions between banks and non-bank financial services providers.
- Regulatory changes.
- Other risks detailed in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2002.
Investor Verification Checklist
- Verify the exact deposit volume acquired from Valley Bank's Sun City branch (not disclosed in this text).
- Review the Form 10-K for the fiscal year ended June 30, 2002, for detailed financial performance and risk factors.
- Confirm the operational status and integration timeline of the new 12th office in Riverside Orange Crest.
- Assess the impact of the acquisition on the company's overall asset base relative to the stated $1.0 billion threshold.