Provident Bancorp CFO Carol Houle departs; Reilly becomes sole CEO

Provident Bancorp, Inc. /MD/

Co-President/Co-CEO/CFO Carol Houle separated effective Feb 9, 2024; receives $576,732 separation pay subject to regulatory OK.
Houle forfeits all unvested restricted stock and stock options; retains vested options and SERP benefits.
Joseph B. Reilly becomes sole President and CEO; had been Co-President/Co-CEO since Jan 2023.
Separation agreement includes mutual non-disparagement, confidentiality, and general release of claims.
Houle also gets $168,329 2023 annual bonus, paid regardless of separation agreement.

item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Carol L. Houle

Co-President, Co-Chief Executive Officer, and Chief Financial Officer

Provident Bancorp, Inc. /MD/

Effective: 2024-02-09
Successor: Joseph B. Reilly
Filed: February 9, 2024, 6:59 PM ET

On February 9, 2024, Provident Bancorp, Inc. (the “Company”), the holding company for BankProv (the “Bank”), and Carol L. Houle, Co-President and Co-Chief Executive Officer, and Chief Financial Officer of the Company and the Bank, entered into a separation and release agreement (the “Agreement”) whereby Ms. Houle will separate from her employment with the Company and the Bank, effective February 9, 2024.

Role change

Joseph B. Reilly

President and Chief Executive Officer

Provident Bancorp, Inc. /MD/

Effective: 2024-02-09
Filed: February 9, 2024, 6:59 PM ET

On February 8, 2024, the Boards of Directors of the Company and the Bank confirmed the continuation of Joseph B. Reilly as sole President and Chief Executive Officer, effective upon Ms. Houle's separation from employment.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Carol L. Houle departed as Co-President, Co-Chief Executive Officer, and Chief Financial Officer at Provident Bancorp, Inc. /MD/.

Action: separated
Role: Co-President, Co-Chief Executive Officer, and Chief Financial Officer

Exact text from the filing

On February 9, 2024, Provident Bancorp, Inc. (the “Company”), the holding company for BankProv (the “Bank”), and Carol L. Houle, Co-President and Co-Chief Executive Officer, and Chief Financial Officer of the Company and the Bank, entered into a separation and release agreement (the “Agreement”) whereby Ms. Houle will separate from her employment with the Company and the Bank, effective February 9, 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Joseph B. Reilly changed role as President and Chief Executive Officer at Provident Bancorp, Inc. /MD/.

Action: confirmed as sole President and CEO
Role: President and Chief Executive Officer

Exact text from the filing

On February 8, 2024, the Boards of Directors of the Company and the Bank confirmed the continuation of Joseph B. Reilly as sole President and Chief Executive Officer, effective upon Ms. Houle's separation from employment.

View on SEC.gov

Source: SEC EDGAR

accession 0000943374-24-000059

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.