Provident Bank (Riverside, CA) is headquartered in Riverside and is the 69th largest bank in the state of California. It is also the 837th largest bank in the nation. It was established in 1956 and as of March of 2021, it had grown to 162 employees at 14 locations. Provident Bank (Riverside, CA) has a B+ health rating.
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Afraid Of Growth
Provident is forgetting about community development; seems afraid of its shadow; this is the time for growth but it is afraid to even take two steps forward. California is on the leading edge of leading the nation in economic growth, but Provident unfortunately does not see it. It is becoming too cautious, too reactionary. Losing its vision. It is forgetting its grassroots beginning.
Deposit posted to wrong account at first
I walked in to the bank on a Friday like usual to deposit my pay check. There was only one teller available at the time and four people in line, so I waited for at least 15 minutes. I walked up to the teller with my deposit slip in my hand and gave him the slip and my paycheck. He inputs all the information in the computer and my deposit was complete. Or so I thought. He hands me my receipt. Now let me give you some advice here that will seem small but it is actually very important. ALWAYS READ YOUR RECEIPTS RIGHT AFTER YOU GET THEM. Most of us will just stuff a receipt in our pockets or even throw them away right after. I say to always read your receipt, because sometimes there could be mistakes. In this case, the receipt said my bank account had significantly less than I knew it did. I went back to the teller to ask them about this and they rechecked on their computer. Turns out, he was ONE digit off when inputting my account number in. And with people off ONE digit, it was a totally different account! How can a bank have something like this happen? With all the possibilities of number combinations given out, they give out an account that is only off by one digit? The teller seemed quite embarrassed that this was even possible. Needless to say, that was the last paycheck I would be depositing at this bank.
BAD Customer Service, Non Disclosure Of High Fees
We recently closed out our IRA CDS that we had at this institution and had an terrible experience. When we went to the branch to close them out, we were told that "it would be better if they sent the funds electronically" from institution to institution. And that this would take only a couple of days. Long story short it took two and a half weeks for them to send the money to the new credit union. Numerous phone calls on a daily basis from us and the new credit union were given nothing but the runaround by Provident. Finally some manager informed us that they do NOT electronically send the funds but instead MAILED a check to the credit union, mind you this amount was well into six figures and we were very worried about our money floating around the U.S. Postal system! Imagine our complete disgust when we found out that Provident not only lied to us about how they transferred the funds but then Serviced charged us 100 dollar transfer fee and 40 dollar maintenence fee that was never disclosed to us! You would be wise to not do business with this bank. Save yourself the time and ridiculous service charges they will stick you with, all while they are lying to your face. If we could have given this bank 0 stars we would have!!
Poor Customer Service And Communication
Provident bank is lacking in customer service and has poor communication . When we signed up for a savings account, we were never given any brochures describing the rules governing the account. The only information that we were able to receive was from the Internet, which lacked the fine details. Our account was abruptly closed, without any warning, any communication, or any notice. If Provident Bank expects their customers to follow the rules, they need to share them before the game is played.
Data as of Q1 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 30879 |
| Year Established | 1956 |
| Employees | 162 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.58% |
| Return on Equity - YTD | 5.88% |
| Annual Interest Income | $8.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2021vs Q1 2020 | $1.19B$1.11B |
| Loans | Q1 2021vs Q1 2020 | $840.3MM$914.3MM |
| Deposits | Q1 2021vs Q1 2020 | $948.0MM$848.0MM |
| Equity Capital | Q1 2021vs Q1 2020 | $117.6MM$115.0MM |
| Loan Loss Allowance | Q1 2021vs Q1 2020 | $8.3MM$7.8MM |
| Unbacked Noncurrent Loans | Q1 2021vs Q1 2020 | $10.9MM$3.9MM |
| Real Estate Owned | Q1 2021vs Q1 2020 | $0$0 |
