The Provident Bank grew its assets 7 percent and its profits 4 percent in 2011, the bank announced in its annual report, with total assets rising to $530 million, and earning totaling $4.7 million.

Deposits were also up, growing 7 percent to $389 million, the bank’s book of loans increased 3 percent, to $350 million..   

"The Provident Bank’s strategic business decision to expand to new markets in New Hampshire while remaining committed to our roots in Amesbury as well as Newburyport is proving successful," said President and CEO Charlie Cullen. "As an independent community bank, the Provident’s mission is to deliver quality products and exceptional services while giving back through philanthropy and volunteerism – important priorities among our entire leadership and staff."

The bank also expanded its commitment to small business lending, receiving $17 million in additional capital from the U.S. Department of the Treasury’s Small Business Lending Fund (SBLF) to fund small business loans. The New Hampshire district office of the SBA presented The Provident Bank with its second consecutive SBA Leading Lender Award in 2011.

The Provident Bank also financed the second largest solar array in New Hampshire for Dover, N.H.-based Revolution Energy, in conjunction with the Exeter Regional Cooperative School District. It is the only local financial institution to participate in the 2011 Mass Save HEAT Loan Program, which helps businesses and residents implement qualified energy efficient projects with a zero percent interest rate.

"All of these initiatives enhance our already robust commercial lending program and further enable the Provident to support and invest in the communities we serve," said Cullen.

The bank also gave a record level of contributions through its Provident Community Foundation grants and bank charitable donations in 2011, it reported.