Provident Financial Services prices $175M subordinated notes at 6.50% fixed-to-floating, due 2036

Filed August 24, 2026 · ~2 min read

Key Changes

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  PFS is offering $175 million of subordinated notes at par, paying 6.50% fixed through September 2031, then floating at Three-Month Term SOFR plus 239 basis points through 2036 maturity.

  The Offering verify on EDGAR →
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  Net proceeds of $172.2 million will repay $150 million of 2.875% fixed-rate 2031 Notes and $20 million of SOFR+3.10% floating-rate 2033 Notes, refinancing lower-cost debt with higher-cost debt.

  Use of Proceeds verify on EDGAR →
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  The notes are structurally subordinated to approximately $22.4 billion of bank subsidiary liabilities (primarily deposits), meaning bank creditors are paid first from the bank's assets in liquidation.

  Risk Factors verify on EDGAR →