Ravi Vakacherla Joins Provident Bank

Position underscores company’s commitment to technology, innovation, and building for the future

ISELIN, N.J., Aug. 29, 2022 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution, is pleased to announce that Ravi Vakacherla has joined the organization as Executive Vice President, Chief Digital and Innovation Officer. This position redefines the Chief Information Officer role and underscores the company’s commitment to technology, innovation, and building for the future.

In this role, Mr. Vakacherla will be a member of the Executive Leadership Team and will be responsible for the bank’s digital initiatives, including strategy, data analytics, innovation, FinTech partnerships, Information Technology and driving the core vendor relationships. In addition, he will work closely with the Executive Leadership Team on advancing the customer experience and creating value through enhanced digital tools and platforms, product offerings, analytics, services, and technologies, while also partnering with innovative third-party solution providers. Mr. Vakacherla will also own and monitor digital innovation projects, identifying and evaluating relevant opportunities and will have his finger on the pulse of what is happening from a technology perspective and within the industry.

“I am delighted to welcome Ravi to our Executive Leadership Team,” said Anthony Labozzetta, President and CEO. “Ravi is highly regarded in his field, he has a collaborative style and approach, and is skilled at bringing people and processes together and creating high performing and unified teams who achieve results,” added Labozzetta.

Prior to joining Provident, Mr. Vakacherla was Executive Vice President, Chief Transformation Officer with People’s United Bank. Before that, he was responsible for Product Management, Operations, and Digital at People’s. He brings with him exceptional breadth and depth of experience helping to build-out technology and digital platforms during periods of high growth. During his 17 years with People’s United, he held leadership positions of increased responsibility and played an integral role in leading and building-out the technology foundation to support the bank’s expansion through 12 acquisitions, growing from $9 billion in assets to more than $65 billion in assets.

Mr. Vakacherla holds a Bachelor’s Degree in Electrical and Electronic Engineering from Jawaharlal Nehru Technological University and a Master’s Degree in Computer Science from Midwestern State University.

Ravi Vakacherla, EVP, Chief Digital and Innovation Officer

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About Provident Bank
Provident Bank, a community-oriented financial institution offering “Commitment you can count on” since 1839, is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE: PFS), which reported assets of $13.72 billion as of June 30, 2022. With $10.87 billion in deposits, Provident Bank provides a comprehensive suite of financial products and services through its network of branches throughout northern and central New Jersey, as well as Bucks, Lehigh and Northampton counties in Pennsylvania, and Nassau and Queens counties in New York. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc. For more information about Provident Bank, visit www.provident.bank or join the conversations on Facebook (ProvidentBank) and Twitter (@ProvidentBank).

CONTACT:
Keith Buscio
732-504-9407
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/25354b85-fb18-47a8-95b2-4817521aabaf

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