SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 21, 2015
PROVIDENT BANCORP, INC.
(Exact Name of Registrant as Specified in Charter)
| Massachusetts | 001-37504 | 45-3231576 | ||
| (State or Other Jurisdiction) | (Commission File No.) | (I.R.S. Employer | ||
| of Incorporation) | Identification No.) |
| 5 Market Street, Amesbury, Massachusetts | 01913 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (978) 834-8555
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 Other Events
On December 21, 2015, Provident Bancorp, Inc. (the “Company”) redeemed all of the 17,145 shares of its Senior Non-Cumulative Perpetual Preferred Stock, Series A, that had been issued to the United States Department of Treasury pursuant to the Small Business Lending Fund (the “SBLF”). The shares were redeemed at their liquidation value of $1,000 per share plus accrued and unpaid dividends to, but excluding December 21, 2015, for a total redemption price of $17,183,100. The redemption was approved by the Federal Reserve Bank of Boston. The redemption terminates the Company's participation in the SBLF. After the redemption, the Company's capital ratios remain well in excess of those required for well capitalized status.
Item 9.01 Financial Statements and Exhibits
None.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| PROVIDENT BANCORP, INC. | ||
| DATE: December 28, 2015 | By: | /s/ David P. Mansfield |
| David P. Mansfield | ||
| President and Chief Executive Officer |