EXHIBIT 99.1

                                  Press Release
                               The Provident Bank

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

                       PROVIDENT BANK RESPONDS TO LAWSUIT

         JERSEY CITY, NJ A lawsuit has been filed in the United States District
Court for the District of New Jersey against The Provident Bank, the members of
the Board of Managers and Provident Financial Services, Inc., challenging the
application of certain purchase limitations contained in the Plan of Conversion,
and certain stock order requirements. The lawsuit alleges that these provisions
constitute violations of certain federal and state laws and a breach of
fiduciary duties by the Board of Managers. The lawsuit seeks to enjoin the
application of these provisions, alter the schedule for closing of the offering
and the meeting of depositors, and damages.

         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 ("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.

         The Provident Bank believes that the lawsuit is without merit and
intends to defend the lawsuit vigorously.