Provident New York Bancorp · S-4 · On 6/25/04

Filed On 6/25/04 12:51pm ET   ·   SEC File 333-116851   ·   Accession Number 1188112-4-975

Registration of Securities Issued in a Business-Combination Transaction   ·   Form S-4
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: S-4         Registration of Securities Issued in a               304  1,320K 
                          Business-Combination Transaction                       
 2: EX-23.3     Consent of Experts or Counsel                          2      7K 
 3: EX-23.4     Consent of Experts or Counsel                          2      7K 
 4: EX-23.5     Consent of Experts or Counsel                          2      6K 

S-4   ·   Registration of Securities Issued in a Business-Combination Transaction
Document Table of Contents

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 AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JUNE 25, 2004

                                              REGISTRATION NO. 333-_____________
================================================================================

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM S-4
REGISTRATION STATEMENT
 UNDER
THE SECURITIES ACT OF 1933

 PROVIDENT BANCORP, INC.
(Exact name of registrant as specified in its charter)

DELAWARE                                            6712
 (State or other jurisdiction of                    (Primary Standard Industrial
 incorporation or organization)                      Classification Code Number)

80-0091851
(I.R.S. Employer
Identification Number)

 400 RELLA BOULEVARD
MONTEBELLO, NEW YORK 10901
(845) 369-8040
 (Address, Including Zip Code, and Telephone Number, Including Area Code, of
 Registrant's Principal Executive Offices)

 GEORGE STRAYTON
 400 RELLA BOULEVARD
MONTEBELLO, NEW YORK 10901
(845) 369-8040
 (Address, Including Zip Code, and Telephone Number, Including Area Code, of
Agent for Service)

Copies to:
JOHN J. GORMAN, ESQ.                              EDWARD D. HERLIHY, ESQ.       
NED QUINT, ESQ.                                   WACHTELL, LIPTON, ROSEN & KATZ
LUSE GORMAN POMERENK & SCHICK, P.C.               51 WEST 52ND STREET           
5335 WISCONSIN AVENUE, N.W., SUITE 400            NEW YORK, NEW YORK 10019      
WASHINGTON, D.C. 20015                            PHONE:  (212) 403-1000        
PHONE:  (202) 274-2000                                                          

APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC: As soon as     
practicable after this registration statement becomes effective.                

If any of the securities being registered on this Form are to be offered on a   
delayed or continuous basis pursuant to Rule 415 under the Securities Act of    
1933, check the following box: [X]                                              

If the securities being registered on this Form are to be offered in connection 
with the formation of a holding company and there is compliance with General    
Instruction G, check the following box: [ ]                                     

If this Form is filed to register additional securities for an offering pursuant
to Rule 462(b) under the Securities Act, check the following box and list the   
Securities Act registration statement number of the earlier effective           
registration statement for the same offering. [ ]                               

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under  
the Securities Act, check the following box and list the Securities Act         
registration statement number of the earlier effective registration statement   
for the same offering:                                                          

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under  
the Securities Act, check the following box and list the Securities Act         
registration statement number of the earlier effective registration statement   
for the same offering. [ ]                                                      

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                                          CALCULATION OF REGISTRATION FEE                                                   

========================================= ================== ==================== ==================== =====================

                                                              PROPOSED MAXIMUM     PROPOSED MAXIMUM         AMOUNT OF       
         TITLE OF EACH CLASS OF             AMOUNT TO BE       OFFERING PRICE          AGGREGATE         REGISTRATION FEE   
      SECURITIES TO BE REGISTERED            REGISTERED           PER SHARE          OFFERING PRICE                         
----------------------------------------- ------------------ -------------------- -------------------- ---------------------
                                                                                                                            
Common Stock, $0.01 par value per share    7,910,000 shares          (1)            $157,007,604 (1)          $19,893       
========================================= ================== ==================== ==================== =====================
(1)  Calculated based upon the payment of shares of common stock and cash for the cancellation of shares of common stock    
     and the cancellation of stock options pursuant to the merger between Provident Bancorp, Inc. and Warwick Community     
     Bancorp, Inc.                                                                                                          

THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES  
AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE 
A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION SHALL      
THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF THE SECURITIES   
ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH  
DATE AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION 
8(A), MAY DETERMINE.                                                            

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[Provident Bancorp, Inc. Logo]            [Warwick Community Bancorp, Inc. Logo]

MERGER PROPOSED -- YOUR VOTE IS VERY IMPORTANT

        The boards of directors of Provident Bancorp, Inc. and Warwick Community
Bancorp, Inc. have both unanimously approved the merger of Warwick Community    
Bancorp with and into Provident Bancorp. If the merger is completed, Warwick    
Community Bancorp stockholders will have the opportunity to elect to receive in 
exchange for each share of Warwick Community Bancorp common stock they own      
immediately prior to completion 2.7810 shares of Provident Bancorp common stock,
a cash payment of $32.26, or a combination of shares of Provident Bancorp common
stock and cash. However, because 50% of the total number of shares of Warwick   
Community Bancorp common stock outstanding at the closing will be converted into
Provident Bancorp common stock and the remaining 50% of the outstanding shares  
will be converted into cash (subject to a potential adjustment to preserve the  
intended federal income tax treatment of the merger), regardless of your        
election, you may receive a combination of cash and shares of Provident Bancorp 
common stock for your Warwick Community Bancorp shares that is different than   
what you elected depending on the elections made by other Warwick Community     
Bancorp stockholders.                                                           

   Based on the closing price of $_____ per share of Provident Bancorp
common stock on __________, 2004, each share of Warwick Community Bancorp common
stock that is exchanged solely for Provident Bancorp common stock would be      
converted into 2.7810 shares of Provident Bancorp common stock having an implied
value of $_________. The market price of Provident Bancorp common stock will    
fluctuate over time, which will cause the implied value of the stock component  
of the merger consideration to fluctuate. You should obtain current market      
quotations for the shares of both companies from a newspaper, the internet or   
your broker. Provident Bancorp common stock is listed on the Nasdaq National    
Market under the symbol "PBCP." Warwick Community Bancorp common stock is listed
on the Nasdaq National Market under the symbol "WSBI." We expect that the merger
will generally be tax-free to you with respect to any Provident Bancorp common  
stock that you receive and will generally be taxable to you with respect to any 
cash that you receive.                                                          

 The merger cannot be completed unless the stockholders of Warwick
Community Bancorp approve the merger agreement. Warwick Community Bancorp has   
scheduled an annual meeting so its stockholders can vote on the merger          
agreement, as well as vote on the election of three directors and ratify the    
appointment of Warwick Community Bancorp's independent registered public        
accounting firm for the year ending December 31, 2004. Warwick Community        
Bancorp's board of directors unanimously recommends that its stockholders vote  
"FOR" the merger agreement, "FOR" Warwick Community Bancorp's nominees to the   
Warwick Community Bancorp board of directors and "FOR" the ratification of KPMG 
LLP as its independent registered public accounting firm for the year ending    
December 31, 2004.                                                              

      Warwick Community Bancorp will hold its annual meeting of stockholders
on ___________, 2004, at _____a.m., at ___________________, ________________,   
______________, New York.                                                       

     This document describes the annual meeting, the merger, the documents
related to the merger, and other related matters. WE URGE YOU TO READ THIS      
ENTIRE DOCUMENT CAREFULLY. IN PARTICULAR, YOU SHOULD CAREFULLY CONSIDER THE     
DISCUSSION IN THE SECTION TITLED "RISKS RELATED TO THE MERGER" BEGINNING ON PAGE
33. YOU CAN ALSO OBTAIN INFORMATION ABOUT OUR COMPANIES FROM DOCUMENTS THAT WE  
HAVE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.                         

  YOUR VOTE IS VERY IMPORTANT. Whether or not you plan to attend the
Warwick Community Bancorp annual meeting, please take the time to vote by       
completing and mailing the enclosed proxy card to us. If you sign, date and mail
your proxy card without indicating how you want to vote, your proxy will be     
counted as a vote "FOR" the merger agreement and the other proposals being      
considered at the annual meeting. If you do not return the proxy card, it will  
have the same effect as a vote against the merger agreement.                    

    THESE SECURITIES ARE NOT DEPOSITS OR ACCOUNTS AND ARE NOT INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT 
AGENCY. NEITHER THE SECURITIES AND EXCHANGE COMMISSION, THE OFFICE OF THRIFT    
SUPERVISION, NOR ANY OTHER BANK REGULATORY AGENCY, NOR ANY STATE SECURITIES     
REGULATOR HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS 
PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A     
CRIMINAL OFFENSE.                                                               

       This Proxy Statement/Prospectus is dated ___________, 2004 and is first
being mailed to stockholders of Warwick Community Bancorp on or about           
___________, 2004.                                                              

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HOW TO GET COPIES OF RELATED DOCUMENTS

       This document incorporates important business and financial information
about Provident Bancorp, Inc. and Warwick Community Bancorp, Inc. that is not   
included in or delivered with this document. Warwick Community Bancorp          
stockholders may receive the information free of charge by writing or calling   
the persons listed below. For Provident Bancorp documents, make your request to 
Provident Bancorp, Inc., 400 Rella Boulevard, Montebello, New York 10901,       
Attention: Roberta Lennett; telephone number (845) 369-8082. For Warwick        
Community Bancorp documents, make your request to Barbara A. Rudy-Moore, Senior 
Vice President, Shareholder Relations, Warwick Community Bancorp, Inc., P.O. Box
591, Warwick, New York 10990-0591; telephone number (845) 986-2206. We will     
respond to your request within one business day by sending the requested        
documents by first class mail or other equally prompt means. IN ORDER TO ENSURE 
TIMELY DELIVERY OF THE DOCUMENTS IN ADVANCE OF WARWICK COMMUNITY BANCORP'S      
STOCKHOLDERS' MEETINGS, ANY REQUEST SHOULD BE MADE BY _________, 2004. ALSO SEE 
"WHERE YOU CAN FIND MORE INFORMATION" ON PAGE 142.                              

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                                                 TABLE OF CONTENTS                                                  

                                                                                                                    
HOW TO GET COPIES OF RELATED DOCUMENTS............................................................................i 
SUMMARY...........................................................................................................1 
   WHAT THIS DOCUMENT IS ABOUT....................................................................................1 
   THE WARWICK COMMUNITY BANCORP ANNUAL MEETING...................................................................1 
   THE COMPANIES..................................................................................................2 
   THE MERGER.....................................................................................................3 
QUESTIONS AND ANSWERS ABOUT THE VOTING PROCEDURES FOR THE                                                           
     ANNUAL MEETING..............................................................................................17 
SELECTED CONSOLIDATED HISTORICAL FINANCIAL DATA OF PROVIDENT BANCORP, INC........................................19 
SELECTED CONSOLIDATED HISTORICAL FINANCIAL DATA OF WARWICK COMMUNITY BANCORP, INC................................23 
SELECTED CONSOLIDATED UNAUDITED PRO FORMA FINANCIAL DATA.........................................................26 
   UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION..............................................26 
   UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET......................................................27 
   UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME...............................................29 
   COMPARATIVE PRO FORMA PER SHARE DATA..........................................................................32 
RISKS RELATED TO THE MERGER......................................................................................33 
   RISKS RELATED TO THE MERGER...................................................................................33 
   YOU MAY NOT RECEIVE THE FORM OF MERGER CONSIDERATION THAT YOU ELECT...........................................33 
   PROVIDENT BANCORP MAY FAIL TO REALIZE THE ANTICIPATED BENEFITS OF THE MERGER..................................33 
   BECAUSE THE MARKET PRICE OF PROVIDENT BANCORP COMMON STOCK MAY FLUCTUATE, YOU CANNOT BE SURE                     
   OF THE VALUE OF THE MERGER CONSIDERATION THAT YOU WILL RECEIVE................................................34 
   WARWICK COMMUNITY BANCORP STOCKHOLDERS WHO MAKE ELECTIONS WILL BE UNABLE TO SELL                                 
   THEIR SHARES IN THE MARKET AFTER MAKING THEIR ELECTION........................................................34 
   WARWICK COMMUNITY BANCORP DIRECTORS AND OFFICERS HAVE INTERESTS IN THE MERGER BESIDES                            
   THOSE OF A STOCKHOLDER........................................................................................34 
   PROVIDENT BANCORP MAY NOT RECEIVE REQUIRED REGULATORY APPROVALS.  SUCH APPROVALS, IF RECEIVED, MAY BE SUBJECT    
   TO ADVERSE REGULATORY CONDITIONS..............................................................................35 
   RISKS ABOUT PROVIDENT BANCORP.................................................................................35 
   OUR COMMERCIAL REAL ESTATE, COMMERCIAL BUSINESS AND CONSTRUCTION LOANS EXPOSE US TO INCREASED CREDIT RISKS....35 
   CHANGES IN THE VALUE OF GOODWILL COULD REDUCE OUR EARNINGS....................................................36 
   WE MAY HAVE DIFFICULTY MANAGING OUR GROWTH, WHICH MAY DIVERT RESOURCES AND LIMIT OUR ABILITY TO SUCCESSFULLY     
   EXPAND OUR OPERATIONS.........................................................................................36 
   PROVIDENT BANCORP'S FINANCIAL SUCCESS DEPENDS ON THE SUCCESSFUL INTEGRATION OF ITS RECENT ACQUISITIONS........37 
   THE ISSUANCE OF SHARES AND CASH TO THE CHARITABLE FOUNDATION WILL ADVERSELY AFFECT NET INCOME IN 2004.........37 
   OUR CONTINUING CONCENTRATION OF LOANS IN OUR PRIMARY MARKET AREA MAY                                             
   INCREASE OUR RISK.............................................................................................38 
   IF OUR ALLOWANCE FOR LOAN LOSSES IS NOT SUFFICIENT TO COVER ACTUAL LOAN LOSSES, OUR EARNINGS COULD DECREASE...38 

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   CHANGES IN MARKET INTEREST RATES COULD ADVERSELY AFFECT OUR FINANCIAL CONDITION AND RESULTS OF OPERATIONS.....39
   STRONG COMPETITION WITHIN OUR MARKET AREA MAY LIMIT OUR GROWTH AND PROFITABILITY..............................39
   WE OPERATE IN A HIGHLY REGULATED ENVIRONMENT AND WE MAY BE ADVERSELY AFFECTED BY CHANGES IN LAWS AND            
   REGULATIONS...................................................................................................40
   THE IMPLEMENTATION OF STOCK-BASED BENEFIT PLANS MAY DILUTE YOUR OWNERSHIP INTEREST............................40
   OUR RECOGNITION AND RETENTION PLAN WILL INCREASE OUR COSTS, WHICH WILL REDUCE OUR PROFITABILITY AND             
   STOCKHOLDERS' EQUITY..........................................................................................41
   WE MAY BE REQUIRED TO CHANGE THE WAY WE RECOGNIZE EXPENSE FOR OUR STOCK OPTIONS...............................41
   A BREACH OF INFORMATION SECURITY COULD NEGATIVELY AFFECT OUR EARNINGS.........................................41
   VARIOUS FACTORS MAY MAKE TAKEOVER ATTEMPTS MORE DIFFICULT TO ACHIEVE..........................................42
   RISKS RELATED TO PRIOR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM OF WARWICK COMMUNITY BANCORP.............42
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS........................................................44
THE WARWICK COMMUNITY BANCORP, INC. ANNUAL MEETING...............................................................46
   MATTERS TO BE CONSIDERED......................................................................................46
   PROXIES.......................................................................................................46
   SOLICITATION OF PROXIES.......................................................................................47
   RECORD DATE...................................................................................................48
   VOTING RIGHTS AND VOTE REQUIRED...............................................................................48
   RECOMMENDATION OF THE BOARD OF DIRECTORS......................................................................49
   ATTENDING THE WARWICK COMMUNITY BANCORP ANNUAL MEETING........................................................49
   PARTICIPANTS IN WARWICK COMMUNITY BANCORP'S AND WARWICK SAVINGS' BENEFIT PLANS................................49
   SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS OF WARWICK COMMUNITY BANCORP..................................49
INFORMATION ABOUT THE COMPANIES..................................................................................52
PROPOSAL I -- THE PROPOSED MERGER................................................................................55
   GENERAL.......................................................................................................55
   BACKGROUND OF THE MERGER......................................................................................55
   WARWICK COMMUNITY BANCORP'S REASONS FOR THE MERGER; RECOMMENDATION OF WARWICK COMMUNITY BANCORP'S BOARD OF      
   DIRECTORS.....................................................................................................58
   OPINION OF WARWICK COMMUNITY BANCORP, INC.'S FINANCIAL ADVISOR................................................62
   PROVIDENT BANCORP'S REASONS FOR THE MERGER....................................................................74
   MERGER CONSIDERATION; CASH OR STOCK ELECTION..................................................................76
   ELECTION PROCEDURES; SURRENDER OF STOCK CERTIFICATES..........................................................79
   TREATMENT OF WARWICK COMMUNITY BANCORP STOCK OPTIONS..........................................................81
   EMPLOYEE MATTERS..............................................................................................82
   INTERESTS OF DIRECTORS AND OFFICERS IN THE MERGER.............................................................82
   CONDUCT OF BUSINESS PENDING THE MERGER........................................................................85
   PAYMENT OF SPECIAL CASH DIVIDEND..............................................................................87
   REPRESENTATIONS AND WARRANTIES................................................................................87
   CONDITIONS TO THE MERGER......................................................................................88
   REGULATORY APPROVALS REQUIRED FOR THE MERGER..................................................................89
   NO SOLICITATION...............................................................................................91
   TERMINATION; AMENDMENT; WAIVER................................................................................92
   MANAGEMENT AND OPERATIONS AFTER THE MERGER....................................................................94
   EFFECTIVE DATE OF MERGER......................................................................................94

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   PUBLIC TRADING MARKETS........................................................................................95
   WARWICK COMMUNITY BANCORP RIGHTS AGREEMENT....................................................................95
   PROVIDENT BANCORP DIVIDENDS...................................................................................95
   FEES AND EXPENSES.............................................................................................96
   MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES OF THE MERGER..........................................96
   RESALE OF PROVIDENT BANCORP COMMON STOCK.....................................................................103
   ACCOUNTING TREATMENT.........................................................................................103
   DISSENTERS' RIGHTS OF APPRAISAL..............................................................................103
   WARWICK COMMUNITY BANCORP STOCK TRADING AND DIVIDEND INFORMATION.............................................109
   PROVIDENT BANCORP STOCK TRADING AND DIVIDEND INFORMATION.....................................................110
   DESCRIPTION OF CAPITAL STOCK OF PROVIDENT BANCORP............................................................114
   PROVISIONS OF THE PROVIDENT BANCORP CERTIFICATE OF INCORPORATION AND BYLAWS..................................115
   BUSINESS COMBINATIONS WITH INTERESTED STOCKHOLDERS...........................................................117
   BUSINESS COMBINATION STATUTES AND PROVISIONS.................................................................118
PROPOSAL II - ELECTION OF DIRECTORS.............................................................................119
   GENERAL......................................................................................................119
   INFORMATION AS TO NOMINEES AND CONTINUING DIRECTORS..........................................................119
   NOMINEES FOR ELECTION AS DIRECTORS...........................................................................120
   CONTINUING DIRECTORS.........................................................................................121
   BOARD MEETINGS, BOARD COMMITTEES AND CORPORATE GOVERNANCE MATTERS............................................122
   AUDIT COMMITTEE REPORT.......................................................................................126
   RELATIONSHIP WITH INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM..............................................127
   GENERAL......................................................................................................127
   INDEPENDENT AUDITING FIRM FEES...............................................................................128
   CHANGE IN AUDITORS...........................................................................................128
   DIRECTORS COMPENSATION.......................................................................................129
   FEE ARRANGEMENTS.............................................................................................129
   COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION..................................................130
   COMPENSATION COMMITTEE REPORT ON EXECUTIVE COMPENSATION......................................................130
   PERFORMANCE GRAPH............................................................................................133
   EXECUTIVE COMPENSATION.......................................................................................134
   SUMMARY COMPENSATION TABLE...................................................................................134
   AGGREGATED OPTION/SAR EXERCISES IN LAST FISCAL YEAR AND FY-END OPTION/SAR VALUES.............................135
   OTHER COMPENSATION PLANS AND ARRANGEMENTS....................................................................135
   PENSION PLAN TABLE(1)........................................................................................137
   SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN.......................................................................137
   TRANSACTIONS WITH CERTAIN RELATED PERSONS....................................................................138
   COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT............................................................138
   EQUITY COMPENSATION PLAN INFORMATION TABLE...................................................................138
PROPOSAL III - RATIFICATION OF APPOINTMENT OF INDEPENDENT                                                          
     REGISTERED PUBLIC ACCOUNTING FIRM..........................................................................139
ADDITIONAL INFORMATION..........................................................................................140
EXPERTS.........................................................................................................141
LEGAL OPINIONS..................................................................................................141
OTHER MATTERS...................................................................................................142
WHERE YOU CAN FIND MORE INFORMATION.............................................................................142

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APPENDICES                                                                                                       

A. Agreement and Plan of Merger by and between Provident Bancorp, Inc. and Warwick                               
   Community Bancorp, Inc. dated March 15, 2004...............................................................A-1

B. Opinion of Sandler O'Neill & Partners, L.P.................................................................B-1

C. Section 262 of the Delaware General Corporation Law........................................................C-1

D. Warwick Community Bancorp, Inc. Audit Committee Charter....................................................D-1

E. Warwick Community Bancorp, Inc. Nominating Committee Charter...............................................E-1

F. Index to Consolidated Financial Statements of E.N.B. Holding Company, Inc..................................F-1

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 WARWICK COMMUNITY BANCORP, INC.
 18 OAKLAND AVENUE
 WARWICK, NEW YORK 10990

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
To Be Held on __________, 2004

 NOTICE IS HEREBY GIVEN that the annual meeting of stockholders of
Warwick Community Bancorp, Inc. will be held at ___________________,            
___________________, __________, New York, on __________, 2004 at ________ a.m.,
local time, for the following purposes:                                         

       1.      To consider and vote on a proposal to approve the Agreement and
          Plan of Merger, by and between Provident Bancorp, Inc. and
                Warwick Community Bancorp, Inc., dated as of March 15, 2004, and
             all of the matters contemplated in the agreement, pursuant to
        which Warwick Community Bancorp will merge with and into
             Provident Bancorp, with Provident Bancorp being the surviving
corporation;                                    

2.      To elect three persons to serve as directors of Warwick 
            Community Bancorp until the merger with Provident Bancorp is
               consummated or, if the merger is not consummated, for a term of
three years each;                               

  3.      To ratify the appointment of KPMG LLP as Warwick Community
               Bancorp's independent registered public accounting firm for the
year ending December 31, 2004; and              

such other matters as may properly come before the Warwick Community Bancorp    
annual meeting or any adjournment or postponement of the meeting, including any 
proposal to approve the adjournment of the annual meeting, if necessary, to     
solicit additional proxies, in the event that there are not sufficient votes at 
the time of the special meeting to approve the proposals. As of the date of this
Proxy Statement/Prospectus, management of Warwick Community Bancorp is not aware
of any other business to be considered.                                         

      We more fully describe the merger with Provident Bancorp and the other
proposals in the attached Proxy Statement/Prospectus, which you should read     
carefully and in its entirety before voting. A copy of the merger agreement is  
included as APPENDIX A to the accompanying Proxy Statement/Prospectus.          

       We have established __________, 2004 as the record date for determining
the stockholders entitled to notice of and to vote at the annual meeting. Only  
record holders of Warwick Community Bancorp common stock as of the close of     
business on that date will be entitled to vote at the annual meeting or any     
adjournment or postponement of the meeting. If there are not sufficient votes   
for a quorum or to approve or ratify any of the foregoing proposals at the time 
of the annual meeting, the annual meeting may be adjourned in order to permit   
further solicitation of proxies by Warwick Community Bancorp. A list of         
stockholders entitled to vote                                                   

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at the annual meeting will be available at Warwick Community Bancorp, Inc., 18  
Oakland Avenue, Warwick, New York, for ten days prior to the annual meeting and 
also will be available at the annual meeting.                                   

 Our board of directors unanimously recommends that you vote "FOR"
approval of the merger agreement and the transactions contemplated in the merger
agreement, "FOR" each of the nominees for director listed in the Proxy          
Statement/Prospectus and "FOR" ratification of the appointment of KPMG LLP as   
Warwick Community Bancorp's independent registered public accounting firm for   
the year ending December 31, 2004.                                              

        PLEASE COMPLETE, SIGN AND RETURN THE ENCLOSED PROXY CARD PROMPTLY IN THE
ENCLOSED POSTAGE-PAID ENVELOPE. Your vote is important, regardless of the number
of shares that you own. Voting by proxy will not prevent you from voting in     
person at Warwick Community Bancorp's annual meeting, but will assure that your 
vote is counted if you are unable to attend.                                    

                                     By Order of the Board of Directors,

                              ----------------------------
                   Lois E. Ulatowski
                     Corporate Secretary

Warwick, New York                                                               

________, 2004                                                                  

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 SUMMARY

      This is a summary of certain information regarding the proposed merger
and the stockholder meeting to vote on the merger agreement contained in this   
document. It does not contain all of the information that may be important to   
you. We urge you to carefully read the entire document, including the           
Appendices, before deciding how to vote.                                        

WHAT THIS DOCUMENT IS ABOUT                                                     

        The boards of directors of Warwick Community Bancorp, Inc. and Provident
Bancorp, Inc. have approved the merger agreement between Warwick Community      
Bancorp and Provident Bancorp pursuant to which Warwick Community Bancorp will  
merge with and into Provident Bancorp. The merger cannot be completed unless the
stockholders of Warwick Community Bancorp approve the merger agreement. Warwick 
Community Bancorp's stockholders will vote on the merger agreement at Warwick   
Community Bancorp's annual meeting. They will also vote on the election of three
directors and the ratification of KPMG LLP as Warwick Community Bancorp's       
independent registered public accounting firm for the year ending December 31,  
2004. This document is the Proxy Statement used by your board to solicit proxies
for the annual meeting. It is also the Prospectus of Provident Bancorp regarding
the shares of Provident Bancorp common stock to be issued to Warwick Community  
Bancorp stockholders if the merger is completed.                                

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THE WARWICK COMMUNITY BANCORP                                                                            
ANNUAL MEETING                                                                                           

Date, Time and Place............................ Warwick Community Bancorp will hold its annual meeting  
                                                 of stockholders on __________, 2004, ________ a.m., at  
                                                 ___________________, ___________________, __________,   
                                                 New York.                                               

Record Date..................................... __________, 2004.                                       

Shares Entitled to Vote......................... _________ shares of Warwick Community Bancorp common    
                                                 stock were outstanding on the Record Date and entitled  
                                                 to vote at the Warwick Community Bancorp annual meeting.

Purpose of the Annual Meeting................... To consider and vote on the merger agreement, the       
                                                 election of three directors and the ratification of KPMG
                                                 LLP as Warwick Community Bancorp's independent          
                                                 registered public accounting firm for the year ending   
                                                 December 31, 2004.                                      

Vote Required................................... A majority of the outstanding shares of Warwick         
                                                 Community Bancorp common stock entitled to vote must be 
                                                 cast in favor of the merger                             

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                                                 agreement for it to be approved. Directors are elected  
                                                 by a plurality of votes cast, without regard to either  
                                                 broker non-votes or proxies as to which authority to    
                                                 vote for the nominees being proposed is withheld. The   
                                                 ratification of KPMG LLP as independent registered      
                                                 public accounting firm is determined by a majority of   
                                                 the votes cast, without regard to broker non-votes or   
                                                 proxies marked "ABSTAIN."                               

                                                 As of the record date, the directors and executive      
                                                 officers of Warwick Community Bancorp and their         
                                                 affiliates beneficially owned ________ shares, or       
                                                 approximately ___% of the outstanding shares of Warwick 
                                                 Community Bancorp common stock. Pursuant to voting      
                                                 agreements entered into at the time the merger agreement
                                                 with Provident Bancorp was signed, each director of     
                                                 Warwick Community Bancorp has agreed, among other       
                                                 things, to vote or cause to be voted all shares over    
                                                 which they maintain sole or shared voting power in favor
                                                 of approval and adoption of the merger agreement.       

The Warwick Community Bancorp Board                                                                      
Recommends You Vote in Favor of the                                                                      
Proposals....................................... Warwick Community Bancorp's board of directors has      
                                                 unanimously approved the merger agreement and           
                                                 unanimously recommends that Warwick Community Bancorp   
                                                 stockholders vote "FOR" the merger agreement, "FOR" each
                                                 of the nominees listed in this Proxy                    
                                                 Statement/Prospectus for the Warwick Community Bancorp  
                                                 board and "FOR" the ratification of KPMG LLP as         
                                                 independent registered public accounting firm for the   
                                                 year ending December 31, 2004.                          

THE COMPANIES                                                                                            

Provident Bancorp............................... Provident Bancorp, a Delaware corporation, is the       
                                                 savings and loan holding company for Provident Bank.    
                                                 Provident Bank is a federally-chartered savings         
                                                 association that operates 27 full-service banking       
                                                 offices in Rockland, Orange, Ulster and Sullivan        
                                                 Counties in New York. Provident Bank has established    
                                                 Provident                                               

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                                                 Municipal Bank as a special purpose New York-chartered  
                                                 commercial bank that accepts deposits from              
                                                 municipalities in the State of New York. The Federal    
                                                 Deposit Insurance Corporation insures the deposits of   
                                                 Provident Bank and Provident Municipal Bank. At March   
                                                 31, 2004, Provident Bancorp had $1.7 billion in total   
                                                 consolidated assets. Provident Bancorp's principal      
                                                 executive offices are located at 400 Rella Boulevard,   
                                                 Montebello, New York 10901. Provident Bancorp's         
                                                 telephone number is (845) 369-8040.                     

Warwick Community Bancorp....................... Warwick Community Bancorp, a Delaware corporation, is   
                                                 the bank holding company for The Warwick Savings Bank,  
                                                 which we refer to in this document as "Warwick Savings",
                                                 a New York savings bank that operates seven full-service
                                                 banking offices in Orange and Putnam Counties in New    
                                                 York, and The Towne Center Bank, a New Jersey commercial
                                                 bank with two banking offices in Bergen County, New     
                                                 Jersey. Warwick Savings has established Warwick         
                                                 Commercial Bank as a special purpose New York-chartered 
                                                 commercial bank that accepts deposits from              
                                                 municipalities in the State of New York. The Federal    
                                                 Deposit Insurance Corporation insures the deposits of   
                                                 Warwick Savings, The Towne Center Bank and Warwick      
                                                 Commercial Bank. At March 31, 2004, Warwick Community   
                                                 Bancorp had approximately $747 million in total         
                                                 consolidated assets. Warwick Community Bancorp's        
                                                 principal executive offices are located at 18 Oakland   
                                                 Avenue, Warwick, New York 10990. Warwick Community      
                                                 Bancorp's telephone number is (845) 986-2206.           

THE MERGER                                                                                               

                                                 Warwick Community Bancorp will merge with and into      
General Description (See page 55)..............  Provident Bancorp, with Provident Bancorp as the        
                                                 surviving