Provident Bancorp Inc. (MD) filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
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SECURITIES AND EXCHANGE COMMISSION | ||||||
WASHINGTON, D.C. 20549 | ||||||
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FORM | ||||||
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CURRENT REPORT | ||||||
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PURSUANT TO SECTION 13 OR 15(D) OF | ||||||
THE SECURITIES EXCHANGE ACT OF 1934 | ||||||
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Date of Report (Date of earliest event reported): | ||||||
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(Exact Name of Registrant as Specified in Charter) | ||||||
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(State or Other Jurisdiction | (Commission File No.) | (I.R.S. Employer | ||||
of Incorporation) |
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| Identification No.) | |||
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Registrant’s telephone number, including area code: ( | ||||||
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Not Applicable | ||||||
(Former name or former address, if changed since last report) | ||||||
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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| The |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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| Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 1.01 Entry into a Material Definitive Agreement
On May 21, 2024, Provident Bancorp, Inc. (the “Company”) entered into an amendment (the “Amendment”) to the previously filed agreement with Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P., Stilwell Partners, L.P., Stilwell Value LLC, Joseph Stilwell, and Dennis Pollack. The Amendment would permit Mr. Pollack, who is currently serving as a director of the Company and its wholly owned subsidiary, BankProv, to purchase shares of the common stock of the Company.
A copy of the Amendment is attached as Exhibit 10 to this report and is incorporated herein by reference thereto.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit Description
10 Amendment to Standstill Agreement by and among Provident Bancorp, Inc., Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P., Stilwell Partners, L.P., Stilwell Value LLC, Joseph Stilwell and Dennis Pollack, dated as of May 21, 2024
104Cover Page Interactive Data File (embedded within Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
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| PROVIDENT BANCORP, INC. |
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DATE: May 22, 2024 |
| By: | /s/ Joseph B. Reilly |
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| Joseph B. Reilly |
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| President and Chief Executive Officer |
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