The Provident Bank, a wholly owned subsidiary of Provident Financial Services, has completed its acquisition of a New Jersey-based limited purpose trust company Beacon Trust Company and Beacon Global Asset Management, an SEC-registered investment advisor incorporated in Delaware.
As of the closing date, the assets under management of the combined entities were approximately $1.5bn.
Provident chief wealth management officer James Nesci has been named president of the acquired entities which will continue to operate from their existing offices in Morristown.
Provident chairman, president and CEO Christopher Martin said this transaction serves to significantly expand Provident’s wealth management business throughout the state. Coupled with Provident’s 80-plus branch network, Beacon’s expertise in trust and wealth management services strategically positions our organization to increase our market share and enhance our non-interest earnings growth.
The Provident Bank is a New Jersey-chartered capital stock savings bank that operates 81 full-service branches in Hudson, Bergen, Essex, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset and Union counties.