ISELIN, N.J., June 17, 2026 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution, announced today the bank has awarded $1 million in funding to ten non-profit organizations as part of the New Jersey Department of Community Affairs, Neighborhood Revitalization Tax Credit (NRTC) Program for fiscal year 2026. The nonprofit organizations will use the funding to implement revitalization plans that address housing and economic development, provide opportunities for entrepreneurs to start businesses and job training for local residents, as well as complementary activities such as social services, recreational activities, and open space improvements. The New Jersey Department of Community Affairs (DCA) served as the intermediary agency between the non-profit organizations and Provident Bank.
NRTC program funding from Provident Bank has been awarded by the New Jersey Department of Community Affairs to the following non-profit organizations:
- Clinton Hill Community Action – To revitalize the Upper Clinton Hill neighborhood.
- HANDS, Inc. – To revitalize the Heart of Orange and The Valley neighborhoods.
- Isles, Inc. – To revitalize the East Trenton and Downtown Trenton neighborhoods.
- Jewish Renaissance Foundation – To revitalize the Perth Amboy Alliance for Community neighborhood.
- New Brunswick Tomorrow – To revitalize the Esperanza and Livingstone Avenue South neighborhoods.
- New Jersey Community Development Corporation – To revitalize the Great Falls neighborhood.
- NORWESCAP – To revitalize the South Main Street and Sussex Borough neighborhoods.
- Paterson Habitat for Humanity – To revitalize the Eastside and Rosa Parks neighborhoods.
- Trenton Health Team, Inc. – To revitalize the North Trenton/Battle Monument neighborhood.
- Urban League of Essex County – To revitalize the Fairmount neighborhood.
“Provident Bank is proud to support these outstanding nonprofit organizations through the Neighborhood Revitalization Tax Credit Program,” said Leonardo Ramos, First Vice President, CRA Officer. “These investments help strengthen neighborhoods, expand economic opportunity, and improve quality of life for residents across New Jersey. By partnering with organizations that are driving meaningful and lasting change, we are reinforcing our commitment to building stronger, more vibrant communities throughout the markets we serve.”
The NRTC Program, which is administered by DCA’s Division of Housing and Community Resources, is designed to jumpstart the renewal of neighborhoods at risk of experiencing a downturn. It accomplishes this through strategies developed by local residents and community-based nonprofit organizations that assist them, as well as through financial contributions from corporations.
The community organizations prepare, submit, and receive approval from DCA for multi-year revitalization plans for the neighborhoods they serve. The corporations contribute funding to the NRTC Program and in return receive a 100 percent tax credit against various New Jersey state taxes. Every year, projects from the approved revitalization plans are listed in a qualified projects pool from which corporations choose the ones they want to financially support.
The NRTC funds must be used by the nonprofit organizations for projects and activities that will implement the goals of the approved neighborhood plans.
About Provident Bank
Founded in Jersey City in 1839, Provident Bank is the oldest community-focused financial institution based in New Jersey and is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS). With assets of $24.20 billion as of March 31, 2026, Provident Bank offers a wide range of customized financial solutions for businesses and consumers with an exceptional customer experience delivered through its convenient network of 140 branches across New Jersey and parts of New York and Pennsylvania, via mobile and online banking, and from its customer contact center. 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. To learn more about Provident Bank, go to www.provident.bank or call our customer contact center at 800.448.7768.
Media Contact:
Provident Bank
Keith Buscio – keith.buscio@provident.bank
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a70f2514-f572-48c8-aacd-4e7f8804fae5
