Amesbury-based BankProv saw deposits increase 9 percent during the first quarter, with much of that increase tied to its banking-as-a-service products and considered volatile by the bank.
Following steep losses tied to a cryptocurrency-related lending product and the departure of its CEO, BankProv has made its interim leaders permanent co-presidents and co-CEOs.
Amesbury-based BankProv had third quarter losses of more than $35 million and identified weaknesses in internal controls and procedures that affected one of its cryptocurrency-related loan portfolios, according to the bank’s third quarter report.
