0001571049-15-010361.txt : 20151228 0001571049-15-010361.hdr.sgml : 20151225 20151228163150 ACCESSION NUMBER: 0001571049-15-010361 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20151221 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20151228 DATE AS OF CHANGE: 20151228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Provident Bancorp, Inc. CENTRAL INDEX KEY: 0001635840 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 453231576 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37504 FILM NUMBER: 151309624 BUSINESS ADDRESS: STREET 1: 5 MARKET STREET CITY: AMESBURY STATE: MA ZIP: 01913 BUSINESS PHONE: (978) 388-0050 MAIL ADDRESS: STREET 1: 5 MARKET STREET CITY: AMESBURY STATE: MA ZIP: 01913 8-K 1 t1503033_8k.htm 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): December 21, 2015

 

PROVIDENT BANCORP, INC.

(Exact Name of Registrant as Specified in Charter)

 

Massachusetts   001-37504   45-3231576
(State or Other Jurisdiction)   (Commission File No.)   (I.R.S. Employer
of Incorporation)       Identification No.)

 

5 Market Street, Amesbury, Massachusetts   01913
(Address of Principal Executive Offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (978) 834-8555

 

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 December 21, 2015, Provident Bancorp, Inc. (the “Company”) redeemed all of the 17,145 shares of its Senior Non-Cumulative Perpetual Preferred Stock, Series A, that had been issued to the United States Department of Treasury pursuant to the Small Business Lending Fund (the “SBLF”).  The shares were redeemed at their liquidation value of $1,000 per share plus accrued and unpaid dividends to, but excluding December 21, 2015, for a total redemption price of $17,183,100.  The redemption was approved by the Federal Reserve Bank of Boston. The redemption terminates the Company's participation in the SBLF.  After the redemption, the Company's capital ratios remain well in excess of those required for well capitalized status.

 

Item 9.01            Financial Statements and Exhibits

 

None.

 

   

 

 

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: December 28, 2015 By: /s/ David P. Mansfield
    David P. Mansfield
    President and Chief Executive Officer