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Provident Bank launches wealth management services


Provident Bank, a subsidiary of Provident New York Bancorp, has launched a wealth management services practice and filled two key roles.

The new practice will be co-lead by Rodney Whitwell, executive vice president and chief operating officer, and David S. Bagatelle, executive vice president and New York City Metro market president.

"Provident Bank has provided clients with wealth management products and services through third party and affiliate providers and will continue to do so. This new practice, however, is a significant expansion with dedicated resources designed to provide a full array of wealth management options to our growing and sophisticated client base," says Whitwell.

Brahna Singer has joined Provident Bank as wealth management sales manager. Singer will be responsible for building the retail wealth management programme and managing the staff of financial and wealth advisers. Singer most recently served as national sales manager for Banco Popular North America’s popular investment division where she managed 155 branches and USD16bn in assets.

"I am impressed with the business model Provident Bank has established for wealth management and I am energised by the opportunity to grow it into a first-rate programme," says Singer.

Michael J. Desmond has joined the bank as senior wealth management adviser and will be responsible for the wealth management platform for the New York City Metro market. Desmond has over 20 years in wealth management and most recently served as managing director, wealth management for Herald National Bank, where he helped build the wealth management platform.

Provident Bank has also reached an agreement in principle pending final contract with LPL Financial as broker-dealer to provide wealth management services to support the financial and wealth advisers. The agreement is expected to be finalised by August. LPL is the nation’s largest independent broker-dealer and is an enabling partner to more than 680 financial institutions.

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