EXHIBIT 99.3

                                  Press Release
                               The Provident Bank

From: The Provident Bank                    Contact: Kenneth Wagner
      830 Bergen Avenue                              (201) 915-5344
      Jersey City, NJ 07306                          Kevin Ward
                                                     (201) 915-5715

For Immediate Release:     December 23, 2002

                  The Provident Bank's Conversion Plan Appealed

JERSEY CITY, NJ --The Provident Bank today announced that a Notice of Appeal was
filed on December 19, 2002 in the Superior Court of New Jersey, Appellate
Division entitled In re the Decision and Order of the Commissioner, Department
of Banking and Insurance, dated November 8, 2002 Permitting the Provident Bank
to Convert from a Mutual to Stock Savings Bank naming as respondents the
Commissioner, New Jersey Department of Banking and Insurance and The Provident
Bank. The Notice of Appeal seeks to overturn the Commissioner's Decision and
Order dated November 8, 2002 approving The Provident Bank's Plan of Conversion.
In addition, the appellants in this Notice of Appeal have filed a request with
the Commissioner to stay her November 8, 2002 Decision and Order and then
require The Provident Bank to amend its Plan of Conversion to change certain
provisions of the purchase limitations contained in the Plan of Conversion. The
stay request alleges that the provisions contested by the appellants constitute
violations of certain state laws and a breach of fiduciary duties by the Board
of Managers of The Provident Bank. The appellants are the same individuals who
were denied certain emergent relief requested on these provisions of the Plan of
Conversion in the United States District Court for the District of New Jersey on
December 17, 2002.

         The Provident Bank is confident that the Plan of Conversion as adopted
satisfies all applicable legal requirements. The Plan of Conversion, including
the purchase limitation provisions being challenged, has been reviewed by the
bank regulatory agencies. On November 8, 2002 the New Jersey Commissioner of
Banking and Insurance issued a Decision and Order approving the Bank's
Application to Convert. In particular, the New Jersey Commissioner of Banking
and Insurance determined that the Plan of Conversion was "fair and equitable to
all depositors." On November 12, 2002, the Federal Deposit Insurance Corporation
issued a statement of its intent to issue a notice of non-objection to the
conversion. On November 12, 2002, the Federal Reserve Bank of New York approved
the application submitted by Provident Financial Services, Inc. to become the
bank holding company of The Provident Bank in connection with the conversion. On
December 17, 2002 , the United States District Court for the District of New
Jersey denied the appellants' request for emergent relief.

         The Provident Bank believes that the Notice of Appeal and the stay
request are without merit and intends to defend its interests in these matters
vigorously.