---
schema_version: "secwatch.filing_event.v1"
accession: "0000943374-24-000059"
form_type: "8-K"
ticker: null
cik: "0001778784"
company_name: "Provident Bancorp, Inc. /MD/"
filed_at: "2024-02-09T23:59:59+00:00"
generated_at: "2026-06-06T04:56:18.643934+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Provident Bancorp CFO Carol Houle departs; Reilly becomes sole CEO

## Summary
- 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.

## SEC filing metadata
- accession: 0000943374-24-000059
- form_type: 8-K
- cik: 0001778784
- company_name: Provident Bancorp, Inc. /MD/
- filed_at: 2024-02-09T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1778784/000094337424000059/0000943374-24-000059-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1778784/000094337424000059/form8k_020924.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000943374-24-000059
- JSON: https://secwatch.observer/filing/0000943374-24-000059.json
- Plain text: https://secwatch.observer/filing/0000943374-24-000059.txt

## Key facts
- Executive change
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1778784/000094337424000059/0000943374-24-000059-index.htm
- Executive change
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1778784/000094337424000059/0000943374-24-000059-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.