8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                       PURSUANT TO SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

       Date of Report (Date of earliest event reported): January 27, 2005

                             PROVIDENT BANCORP, INC.
               (Exact Name of Registrant as Specified in Charter)

         Delaware                       0-25233                  80-0091851
- -----------------------------     --------------------        ---------------
(State or Other Jurisdiction)     (Commission File No.)       (I.R.S. Employer
      of Incorporation)                                      Identification No.)


400 Rella Boulevard, Montebello, New York                        10901
- -----------------------------------------                        -----
(Address of Principal Executive Offices)                      (Zip Code)


Registrant's telephone number, including area code:  (845) 369-8040
                                                     --------------



                                 Not Applicable
                                 --------------
          (Former name or former address, if changed since last report)

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):

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))








Item 8.01.        Other Events
                  ------------

         On January 27, 2005, the Board of Directors of Provident Bancorp
announced that it had authorized a stock repurchase program. The press release
announcing the repurchase program is included as Exhibit 99 to this report.

Item 9.01.        Financial Statements and Exhibits
                  ---------------------------------

         The Index of Exhibits immediately precedes the attached exhibits.











                                   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.

                                                PROVIDENT BANCORP, INC.



DATE: February 1, 2005                      By: /s/ Paul A. Maisch
                                                --------------------------------
                                                Paul A. Maisch
                                                Senior Vice President and Chief
                                                Financial Officer









                                  EXHIBIT INDEX

The following exhibits are filed as part of this report:

         Exhibit No.                                 Description

            99                      Press Release of Provident Bancorp, Inc.

EX-99

                                   EXHIBIT 99

                    PRESS RELEASE OF PROVIDENT BANCORP, INC.




Provident Bancorp, Inc.




                                  NEWS RELEASE


FOR IMMEDIATE RELEASE                           Stock Symbol:  PBCP
January 27, 2005                                Traded on Nasdaq National Market


CONTACT:
Paul A. Maisch, SVP & CFO
Roberta Lenett, VP & Manager of Shareholder Relations
(845) 369-8082

       PROVIDENT BANCORP ANNOUNCES NEW STOCK BUYBACK PROGRAM AND DECLARES
                      QUARTERLY DIVIDEND OF $0.04 PER SHARE

MONTEBELLO, NY - January 27, 2005 -- Provident Bancorp, Inc. (Nasdaq: PBCP), the
parent company of Provident Bank, announced that its Board of Directors has
authorized the repurchase of up to 2,295,000 shares of its common stock. This
represents approximately 5.0% of common shares currently outstanding. Under this
authorization, shares of common stock may be purchased from time-to-time in the
open market or in privately negotiated transactions.

Also, the Board of Directors has declared a quarterly cash dividend of $0.04 per
share. The dividend is payable February 24, 2005 to holders of record as of
February 10, 2005.

Provident Bank is a community bank with $2.5 billion in assets and operates
thirty-four branches in Rockland, Orange, Sullivan, Putnam and Ulster Counties,
New York and two branches in Bergen County, New Jersey. Provident Municipal
Bank, its commercial bank subsidiary, provides banking services to towns and
government agencies in its New York market area.