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					                                                NEWS
                                                RELEASE
FOR IMMEDIATE RELEASE: February 6, 2012


         Looking to Pay Down Debt? Consider Your Options
       Many consumers are looking for ways to lower their interest rates and pay down
debt. And fortunately for borrowers, the promise of low interest rates isn’t budging
anytime soon. The Federal Reserve recently said that it would keep its benchmark rate
at record lows for at least another three years.
       While many are seeking lower rates from credit card companies, The Provident
Bank is offering another alternative.
       “For homeowners looking to pay off high-interest credit cards, loans or
consolidate debt, consumers should consider a home equity loan or line of credit,” said
Chuck Mazza, Provident’s first vice president of consumer lending.
       The Provident Bank offers a variety of competitive home equity solutions,
including a 15-year, fixed-rate home equity loan with no application fee or closing costs,
and an adjustable rate home equity line of credit.
       According to Mazza, there are two key advantages of taking out a home equity
loan: consumers can consolidate their credit card debt, thus significantly reducing the
amount of interest paid, and that interest may be tax deductible, unlike credit cards.
        “Mortgage and home equity loan rates have never been lower for qualified
borrowers, so the time to refinance is now. Interest rates on credit cards can be as high
as 21 percent, which makes this a great option,” said Mazza.
       He added that Provident’s first lien fixed-rate home equity loan is like getting a
first mortgage – only without the pricey closing costs. “Credit-worthy customers
considering refinancing, doing home improvements or even consolidating debt are in a
great position to borrow with our low rates.”
       More information on Provident’s home equity products is available at
www.ProvidentNJ.com or by calling 1-888-534-8979.


About The Provident Bank
With $5.1 billion in deposits, The Provident Bank (www.ProvidentNJ.com) serves its
customers via a network of more than 80 branches throughout northern and central New
Jersey. The Provident Bank is the wholly owned subsidiary of Provident Financial
Services, Inc. (NYSE:PFS), which reported assets of $7.1 billion as of December 31,
2011.

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