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): March 30, 2007
PROVIDENT NEW YORK BANCORP
--------------------------
(Exact Name of Registrant as Specified in Charter)
Delaware 0-25233 80-0091851
- ----------------------------- --------------------- -------------------
(State or Other Jurisdiction) (Commission File No.) (I.R.S. Employer
of Incorporation) Identification No.)
400 Rella Boulevard, Montebello, New York 10901
- ----------------------------------------- -----
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (845) 369-8040
--------------
Not Applicable
--------------
(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 8.01 Other Events
------------
On March 30, 2007, Provident New York Bancorp (the "Company") received a
notice of partial disallowance of refunds requested from the U.S. Internal
Revenue Service (the "IRS") with respect to chargeoffs and bad debt losses that
had been claimed on the final federal tax return filed for Warwick Community
Bancorp, Inc. ("Warwick"). Warwick was acquired by the Company on October 1,
2004. Subsequent to the acquisition, Warwick's final federal income tax returns
were filed for the period from January 1, 2004 through October 1, 2004 (the date
of acquisition). The chargeoffs and bad debt losses were claimed in connection
with Warwick's sale of loans and the underlying collateral, consisting of
automobiles and related lease receivables, which occurred prior to the
completion of the Company's acquisition of Warwick. The notice of partial
disallowance claims that there is a tax deficiency owed by the Company of $2.3
million, reducing its refund requested, which, if upheld would cause the Company
to record additional tax expense for this item.
The Company has until April 30, 2007 to respond to the notice. While the
Company is still evaluating its position, the Company disagrees with the IRS
findings and intends to vigorously contest the conclusions of the IRS. At this
time, however, the Company cannot predict the final outcome with respect to the
notice, or the effect on the Company's financial condition or results of
operations.
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: April 5, 2007 By: /s/ Daniel Rothstein
--------------------------------
Daniel Rothstein
Executive Vice President