Provident Bancorp, Inc.
                                                             File No. 333-108797

FOR IMMEDIATE RELEASE
Contact:
     Paul A. Maisch            Steven G. Dormer          Roberta Lenett
     Provident Bancorp, Inc.   Provident Bancorp, Inc.   Provident Bancorp, Inc.
     (845) 369-8040            (845) 369-8040            (845) 369-8082


                        PROVIDENT BANCORP, INC. ANNOUNCES
                              INCREASE IN APPRAISAL

Montebello,  New  York -  (November  10,  2003)  Provident  Bancorp,  Inc.  (the
"Company"),  the proposed  Delaware  stock  holding  company of Provident  Bank,
located in  Montebello,  New York,  announced  today  that it has filed  amended
registration  statements with the Securities and Exchange Commission (the "SEC")
in  connection  with (i) the proposed  mutual-to-stock  conversion  of Provident
Bancorp, MHC and (ii) the proposed  acquisition of E.N.B. Holding Company,  Inc.
and its subsidiary bank,  Ellenville  National Bank, both located in Ellenville,
New York.  The  amendments  reflect an  increased  appraisal  of the  Company in
connection with the proposed  mutual-to-stock  conversion of Provident  Bancorp,
MHC.

Under the updated appraisal,  the total pro forma valuation of the Company would
be between  approximately  $267.3 million and $347.3  million  (subject to a 15%
increase to 396.2),  with a midpoint of $307.3  million.  This is an increase of
approximately  10% from the initial  appraisal.  As a result,  the Company  will
offer for sale between 12,580,000 and 17,020,000 shares of common stock (subject
to a 15% increase to 19,573,000 shares) at a purchase price of $10.00 per share.
In addition,  as a result of the new  appraisal,  shares of common stock held by
the public  stockholders  of  Provident  Bancorp,  Inc.  (Nasdaq:  PBCP) will be
exchanged for shares of the Company at an exchange ratio estimated to be between
2.8487  and  3.8542  (subject  to a 15%  increase  to  4.4323),  with a midpoint
exchange ratio estimated to be 3.3514.

The offering is expected to commence in late  November  2003 and will be managed
by Ryan Beck & Co., Inc. on a best efforts basis.

Provident  Bancorp,  Inc.  is the  parent of  Provident  Bank,  a  full-service,
community-bank  that provides  financial  services to individuals,  families and
businesses through 18 branch offices and 25 ATMs throughout  Rockland and Orange
Counties,  New York.  Provident  Municipal Bank, a commercial bank subsidiary of
Provident Bank,  provides banking  services to towns and government  agencies in
its market area. At September 30, 2003, Provident Bancorp, Inc. had consolidated
assets of $1.2 billion,  deposits of $869.6 million and stockholders'  equity of
$117.9 million.

Registration  statements relating to the common stock of Provident Bancorp, Inc.
have been filed with the  Securities and Exchange  Commission,  but have not yet
become effective. This release is neither an offer to sell nor a solicitation of
an offer to buy  common  stock.  The offer is made only by the  Prospectus.  The
shares of common stock are not savings  accounts or savings  deposits,  may lose
value and are not insured by the Federal  Deposit  Insurance  Corporation or any
other government agency.

Investors are able to obtain the  registration  statements free of charge at the
SEC's web site  (www.sec.gov).  In  addition,  documents  filed  with the SEC by
Provident  Bancorp,  Inc.  will be  available  free of charge from the  Investor
Relations   Department  at  Provident   Bancorp,   Inc.,  400  Rella  Boulevard,
Montebello,  New York 10901. Investors are urged to read these documents because
they contain important information.

Provident  Bancorp,  Inc. and its directors and executive officers may be deemed
to be "participants"  in Provident  Bancorp,  Inc.'s  solicitation of proxies in
connection   with  the   proposed   acquisition.   Information   regarding   the
participants,  including their holdings of Provident  Bancorp,  Inc.'s stock, is
contained  in the  Company's  registration  statements  filed  with  the  SEC on
November 10, 2003.

This news release contains certain forward-looking statements about the proposed
conversion.

Forward-looking statements can be identified by the fact that they do not relate
strictly  to  historical  or  current  facts.  They  often  include  words  like
"believe,"  "expect,"  "anticipate,"   "estimate"  and  "intend"  or  future  or
conditional  verbs such as "will," "would,"  "should," "could" or "may." Certain
factors  that could cause  actual  results to differ  materially  from  expected
results  include  changes in the interest rate  environment,  changes in general
economic  conditions,  legislative and regulatory  changes that adversely affect
the  business  in which  Provident  Bancorp,  Inc. is engaged and changes in the
securities markets.