Provident New York Bancorp
                                                     400 Rella Boulevard
                                                     Montebello, NY 10901-4243

                                                     T 845.369.8040
                                                     F 845.369.8255

                                                     www.providentbanking.com

News Release

FOR IMMEDIATE RELEASE               Stock Symbol:  PBNY
August 24, 2007                     Traded on NASDAQ Global Select Market

PROVIDENT BANK CONTACT:
Paul A. Maisch, EVP & CFO
Miranda Grimm, VP & Controller
845.369.8040

                           PROVIDENT NEW YORK BANCORP
                    ANNOUNCES FOURTH STOCK REPURCHASE PROGRAM

MONTEBELLO,  NY - August 24, 2007 - Provident New York Bancorp  (NASDAQ:  PBNY),
the  parent  company  of  Provident  Bank,  today  announced  that the  Board of
Directors  approved  a fourth  stock  repurchase  program to  commence  upon the
completion of its current  repurchase  program.  Under the repurchase  plan, the
Company may acquire up to 2,000,000 shares of the Company's common stock,  which
represents  approximately 5% of the Company's common shares  outstanding at June
30,  2007.  The  timing  of the  repurchases  will  depend on  certain  factors,
including  but not  limited  to market  conditions  and  prices,  the  Company's
liquidity  requirements  and alternative  uses of capital.  The stock repurchase
program may be carried out through open market purchases,  block trades,  and in
negotiated private transactions. Any repurchased shares will be held as treasury
stock and will be  available  for general  corporate  purposes.  The Company has
approximately  850,000 shares remaining under its authorization to repurchase up
to 2,100,000 shares of its common stock pursuant to its third repurchase program
that was announced on February 17, 2006.

This news release contains certain forward-looking statements, which are subject
to risks and  uncertainties.  A number of factors could cause actual conditions,
events  or  results  to  differ   significantly  from  those  described  in  the
forward-looking  statements,  including general economic conditions,  changes in
interest rates, regulatory considerations, and competition.

The Company's  reports filed from time to time with the  Securities and Exchange
Commission,  including the Company's Form 10-K for the year ended  September 30,
2006, describe some of these factors.  Forward-looking  statements speak only as
of the date they are made and the Company does not undertake to update  forward-
looking statements to reflect  circumstances or events that occur after the date
of the forward-looking  statements or to reflect the occurrence of unanticipated
events.

Headquartered  in Montebello,  New York,  Provident  Bank,  with $2.8 billion in
assets, is an independent  full-service  community bank. Provident Bank operates
33 branches that serve the Hudson Valley region and Bergen  County,  New Jersey.
The bank offers a complete line of commercial,  retail and investment management
and    trust    services.    Visit    the    Provident    Bank   web   site   at
www.providentbanking.com.