SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 29, 2005
PROVIDENT NEW YORK BANCORP
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-25233 80-0091851
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(State or Other Jurisdiction) (Commission File No.) (I.R.S. Employer
of Incorporation) Identification No.)
400 Rella Boulevard, Montebello, New York 10901
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (845) 369-8040
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Not Applicable
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
On November 29, 2005, the Board of Directors of Provident Bank, the
wholly-owned subsidiary of Provident New York Bancorp (the "Registrant"),
adopted the Provident Bank Executive Officer Incentive Plan (the "Plan"), which
will govern the future payments of annual bonuses to Provident Bank's executive
officers. The Plan is filed as Exhibit 10 to this Current Report.
On November 29, 2005, the Board of Directors of Provident Bank established
the criteria for payments under the Plan for the 2006 fiscal year. The criteria
for the Executive Officers' Incentive Award for fiscal year 2006 relate to:
earnings per share results, loan growth, credit quality, deposit growth, fee
income, operating efficiency and business strategies and initiatives in the
areas of strategic planning, management information reporting, risk management
and leadership development.
Item 9.01. Financial Statements and Exhibits.
(a) Not Applicable.
(b) Not Applicable.
(c) Exhibits.
Exhibit No. Description
10 Provident Bank Executive Officer Incentive Plan
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
PROVIDENT NEW YORK BANCORP
DATE: December 5, 2005 By: \s\ Paul A. Maisch
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Paul A. Maisch
Senior Vice President and Chief
Financial Officer
EXHIBIT INDEX
Exhibit No. Description
10 Provident Bank Executive Officer Incentive Plan