NEWS RELEASE


FOR IMMEDIATE RELEASE                                       Stock Symbol:  PBCP
June 28, 2005                                  Traded on Nasdaq National Market

PROVIDENT BANK CONTACT:
Paul Maisch, SVP and Chief Financial Officer
Constance Martin, VP and Director of Marketing
845.369.8040

                   NAME CHANGE ANNOUNCED FOR PARENT COMPANY OF
                                 PROVIDENT BANK

             Provident New York Bancorp New Name of Parent Company;
                              New Stock Symbol PBNY

Montebello, N.Y. - June 28, 2005 - Provident Bancorp, Inc., the parent company
of Provident Bank, announced today that it is changing its corporate name from
Provident Bancorp, Inc. to Provident New York Bancorp. The name change will be
effective as of the open of business on Thursday, June 30, 2005. In connection
with the name change, the company is changing its ticker symbol on the Nasdaq
National Market from "PBCP" to "PBNY", also effective as of the open of business
on Thursday, June 30, 2005.

"The name change to Provident New York Bancorp accurately reflects the heritage
of Provident Bank as a New York-based institution serving our constituents since
1888," said George Strayton, President and Chief Executive Officer of Provident
Bank. "Today, Provident Bank has evolved into a full-service community bank that
offers a full range of financial products and services with local decision
making, personalized focus on our customers' needs and a unique, in-depth
understanding of the New York marketplace that is part of our heritage."

                                     -more-



Headquartered in Montebello, N.Y., Provident Bank, with over $2.5 billion in
assets, is an independent full-service community bank. Provident Bank operates
37 branches that serve the Hudson Valley region, including two offices in Bergen
County, N.J. The bank offers a complete line of commercial, retail and
investment management and trust services. Visit the Provident Bank website at
www.providentbanking.com.

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