New Jersey Citizen Action (NJCA) has expressed approval of Provident Bank’s ongoing dedication to supporting underserved communities. Leila Amirhamzeh, NJCA Director of Community Reinvestment, commented on the bank’s efforts in a recent statement.
“NJCA is pleased that Provident Bank reaffirmed its commitment to disbursing the $12 million loan subsidy outlined in the terms of the 2022 federal Department of Justice consent order, as reported by American Banker,” said Amirhamzeh. She emphasized NJCA’s anticipation of collaborating with Provident to provide education, outreach, and housing counseling aimed at connecting underserved first-time homebuyers with this loan subsidy. The initiative is expected to enhance access to affordable homeownership opportunities and address New Jersey’s housing crisis.
Amirhamzeh also highlighted the significance of Provident’s new branch opening in Newark. “We also look forward to joining community leaders and other partners this afternoon in celebrating Provident’s opening of a bank branch in Newark,” she stated. She noted that New Jersey has experienced one of the highest rates of bank branch closures post-pandemic. Opening branches in low- and moderate-income areas is crucial for ensuring these communities have access to essential banking services, promoting economic opportunity and financial inclusion.
Despite acknowledging these positive steps by Provident Bank, NJCA remains opposed to attempts by the Trump Administration to terminate the consent order established with Lakeland Bank (now Provident Bank) in September 2022 due to previous discriminatory redlining practices.
