On May 13, 2024, Provident Financial Services, Inc., Iselin, New Jersey, the holding company for Provident Bank, completed a public offering of $225.0 million of its 9.00% Fixed-to-Floating Rate Subordinated Notes due 2034.  This was the first completed Kroll-rated public offering of subordinated notes for a bank holding company since 2022.

Luse Gorman served as legal counsel to Provident Financial Services, Inc. in the offering. The Luse Gorman team consisted of John Gorman, Marc Levy, and Greg Sobczak.

Luse Gorman was the No. 1 legal advisor in the nation for 2023 and through the first quarter of 2024, based on number of transactions, for common stock and subordinated debt offerings by financial institutions, as reported by S&P Global Market Intelligence. To learn more about our Capital Markets and Corporate Finance practice, please visit our website.