On February 9, 2024, Provident Bancorp, Inc., BankProv (Bank) and Carol L. Houle, Chief Financial Officer of the Company and the Bank, entered into a separation and release agreement whereby Ms. Houle will separate from her employment with the Company and the Bank, effective February 9, 2024. 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. Mr. Reilly has served as Co-President and Co-Chief Executive Officer of the Company and the Bank since January 1, 2023.

Prior to that appointment, Mr. Reilly had served as the Chairman of the Board of the Company and the Bank beginning in 2019, and Mr. Reilly previously had more than 35 years of experience in the New Hampshire banking industry. He was the Co-Founder and President/CEO of Centrix Bank, which merged with Eastern Bank in 2014. Prior to Centrix, Mr. Reilly held positions at Bank of New Hampshire, TD Bank, Centerpoint Bank and Fleet Bank.

Mr. Reilly is a former Chairman and Director of the New Hampshire Bankers Association (NHBA); Chairman of the NHBA Legislative Committee; State of New Hampshire Captain for Team 21, a national organization of the American Bankers Association (ABA); and a member of the Government Relations Council of the ABA. Mr. Reilly has also served in numerous not-for-profit board leadership positions.