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BankProv Donates Over $300,000 to Charities

BankProv Donates Over $300,000 to Charities
PR Newswire
AMESBURY, Mass., March 28, 2023

AMESBURY, Mass., March 28, 2023 /PRNewswire/ — BankProv, a future-ready commercial bank that offers technology-driven banking solutions to its clients, has don…



BankProv Donates Over $300,000 to Charities

PR Newswire

AMESBURY, Mass., March 28, 2023 /PRNewswire/ -- BankProv, a future-ready commercial bank that offers technology-driven banking solutions to its clients, has donated more than $300,000 over the last year to charities and non-profit organizations as part of its ongoing commitment to give back to the community.

The Bank has a long-standing tradition of supporting causes that improve the lives of people in need and that help nurture healthy vibrant communities. As a result, it has chosen to donate to a range of organizations that focus on social services, economic development, education, arts and culture.

BankProv's charitable donations and community sponsorships has provided funding to organizations such as Our Neighbors' Table, the Granite State Children's Alliance, Families in Transition, Anna Jaques Hospital and the Anna Jaques Hospital Aid Association, Boys and Girls Club of Lower Merrimack Valley and Manchester, Cross Roads House, Nourishing the North Shore, and many more.

"We are delighted to be able to contribute to the incredible work that these charities are doing," said Joe Reilly, Co-CEO of BankProv. "Giving is woven into the fabric of who we are, and we strongly believe in the importance of supporting the local communities that we serve and making a real difference in people's lives."

The Bank's charitable giving decisions are made at the local level to provide a meaningful connection to each region. BankProv employees serve the community in many ways from helping businesses, volunteering and sharing their expertise toward good causes of all sizes.

"We would like to express our gratitude to BankProv for providing funds to assist with much needed infrastructure that will help create a centralized food hub for the region," Lyndsey Haight, Executive Director for Our Neighbors' Table.

The Bank's donations will be used to fund a variety of initiatives, including educational programs for underprivileged children, healthcare services, and providing those in need access to food.

About BankProv

BankProv, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank that offers a comprehensive suite of banking products for corporate clients. The Bank is a premier Banking-as-a-Service (BaaS) provider and specializes in technology-driven banking solutions to niche markets, including renewable energy, fintech and enterprise value lending. Headquartered in Amesbury, Massachusetts, BankProv is the 10th oldest bank in the nation. The Bank insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). To learn more about the organization, visit

Forward-Looking Statements

Certain statements contained herein constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as "may," "will," "would," "intend," "believe," "expect," "plan," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. These statements are based upon the current beliefs and expectations of Company management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to: the effects of any pandemic disease, natural disaster, national or international war, act of terrorism, accident, or similar action or event; those related to the real estate and economic environment, including inflation, particularly in the market areas in which the Company operates; fiscal and monetary policies of the U.S. Government; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company's filings with the Securities and Exchange Commission, which are available at the SEC's website,

The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above or other factors could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically disclaims any obligation to publicly release the results of any revisions, which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Press Contact: Tricia Peters, Vice President of Marketing
Phone: 480-253-8376

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FTX estate stakes 5.5M Solana coins

The coins staked worth $122 million and represent a small fraction of FTX’s holdings of Solana.
FTX estate seems to be bullish on Solana’s…



The coins staked worth $122 million and represent a small fraction of FTX's holdings of Solana.

FTX estate seems to be bullish on Solana’s native token SOL (SOL), as it staked over 5.5 million in SOL coins on Oct. 13. According to on-chain data, an FTX-identified wallet sent the coins to Figment, a staking validator firm for institutional investors. 

The transaction was detected by blockchain tracker Whale Alert and later identified as an FTX estate address by pseudonymous on-chain researcher Ashpool. The coins staked worth $122 million and represent a small fraction of FTX's holdings of SOL.

Staking involves locking up a specific amount of coins for a set period of time. Staking holders receive SOL coins rewards for securing the network with their stakes.

FTX was an early investor in Solana and receives every month a significant volume of SOL unlocked according to the established vesting schedule. FTX estate has the option of liquidating these holdings at any time. The FTX estate is overseen by a bankruptcy trustee. Its primary role involves the recovery of assets to the exchange’s creditors.

In September, a U.S. court approved the sale of $1.3 billion in SOL from FTX, causing concerns among holders about a slump in prices. To avoid adding burdens on the crypto market, the bankruptcy court demanded the sale occur through an investment adviser in weekly batches. The decision drove SOL's price to a two-month low of $17.34 on Sept. 11.

FTX holds $3.4 billion in Digital Assets A, which is the top 10 assets the company holds, including Solana, Bitcoin (BTC), Ether (ETH), Aptos (APT) and other cryptocurrencies. According to court filings from September, over $7 billion has been recovered since the exchange filed for bankruptcy protection last November.

Sam Bankman-Fried, co-founder of FTX, is on trial at a district court in Manhattan accused of fraud and conspiracy to commit fraud. If found guilty, he could serve up to 115 years in prison.

Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in

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Tesla’s EV throne is being chipped away at by this surprising luxury brand

A top luxury auto company is threatening Tesla’s dominance in the luxury electric vehicle category.



Internal combustion engine (ICE) vehicles continue to lose market share to electric vehicles, a trend Wall Street analysts predict will continue as more automakers launch more new models.

So far, the EV Goliath has remained the industry’s pioneer, Tesla  (TSLA) - Get Free Report. Tesla wasn’t the first EV to hit the market, but was the first to capture widespread attention among mainstream buyers by focusing on performance and luxury.

The evolution of Tesla’s EV lineup has expanded, allowing it to increase its sales volume steadily. The Model Y entered it into SUVs, while the Model 3 allowed it to compete in the sub-$40,000 family sedan market.

The success of these models stems from Tesla’s never losing sight of its roots. Both models target luxury and performance-minded buyers.

However, the company’s dominance among luxury car shoppers may be near a tipping point. The latest data shows that Tesla remains – by and far – the leading EV automaker. However, it also shows a top luxury brand is chipping away at its lead.

Tesla's high-end luxury models face a new threat from new high-end competition.

Image source: Tesla

Sales of electric vehicles are soaring

The media's attention on electric vehicles may have you thinking that EVs already represent a significant share of total vehicles sold.

Related: Elon Musk calls out Tesla's biggest electric vehicle competition

That’s not the case. EV sales totaled 313,000 in the third quarter, up 49.7% from one year ago, according to Kelly Blue Book. That’s significant growth, given total U.S. light vehicle sales, including ICE vehicles, only grew by about 15%.

Yet, EVs still only account for a fraction of the U.S. total vehicle market, accounting for only 7.9% of all vehicles sold last quarter.

Clearly, there’s much more room for EV makers to grow and plenty of opportunities for luxury brands to roll new models off production lines. So, while Tesla is in the lead now, its pole position isn’t guaranteed.

More Tesla:

This luxury brand’s new EVs see sales surge

Mercedes-Benz  (MBGAF) - Get Free Report is one of the world’s most prominent luxury vehicle makers. Its vehicles have always been one of the most desired by wealthy buyers, and its AMG line-up is a benchmark for high-end performance vehicles.

Mercedes-Benz’s attention has increasingly shifted toward EVs, and its recently launched models are winning over consumers. In the third quarter, Mercedes-Benz sold 4,457 of its new electric EQE Sedans and EQE SUVs.

It also enjoyed solid sales growth for other EVs, including a 476% sales increase for the $104,000 EQS SUV and a 342% increase in sales of its 5-seater EQB SUV, with a starting price point of around $54,000.

The only EV model that saw sales slip was the EQS Sedan. Mercedes-Benz sold 1,100 of the $105,000 car, 35% fewer than last year, likely because more buyers opted for the new cheaper EQE, which has an MSRP of about $75,000.

Opting for the AMG variation of the EQE will set you back $108,000, but that price tag nets sub-4 second zero to 60 mph times.

Overall, Mercedes-Benz sold 10,423 EVs in the quarter, up 284% from a year ago. That was good enough to give it a 3.3% market share across the entire EV market.

Mercedes-Benz’s strength may come at Tesla’s expense. Tesla’s high-end Model S only sold 3,132 units last quarter, down 65.8% from last year, and its Model X, which costs $80,000, saw sales dip 28% to 4,699 vehicles.

Forget Tesla – Sign up to see what stocks we’re buying now

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Apple briefly pulls MetaMask from App Store

MetaMask was removed from Apple’s App Store for a few hours on Oct. 14, reviving concerns about legal challenges with Big Techs.



MetaMask was removed from Apple’s App Store for a few hours on Oct. 14, reviving concerns about legal challenges with Big Techs.

Ethereum wallet MetaMask went offline on Oct. 14 for several hours on Apple's App Store, raising concerns about its removal. MetaMask claims to have over 30 million users. The wallet is connected to a range of Web3 decentralized applications (DApps)

On Oct. 14, reports surfaced that the MetaMask app no longer appeared in the App Store. Apple users were also unable to download the application from the MetaMask website.

According to a spokesperson for MetaMask, the issue isn't related to any security incident or malicious activity:

"We're aware that MetaMask isn't currently available for download on the App Store. This issue is unrelated to any malicious activity. Our dedicated team is working diligently to resolve it as quickly as possible. Importantly, this is not a security concern, and there is no compromise or action required on users’ part. Additionally, it's not related to the app's functionality."

Apple's service policies are likely behind the app's disappearance. According to the marketplace's guidelines, it doesn't allow apps to run "unrelated background processes", such as cryptocurrency mining.

According to MetaMask, the removal of its app was only temporary. "We anticipate that MetaMask will be back on the App Store shortly," a spokesperson said minutes before app turned back on, adding that any fake MetaMask apps on the App Store should be reported immediately.

MetaMask faces challenges from Big Tech marketplaces for the second time. In December 2019, the company was suspended from Google Play's app store for allegedly violating the company's financial services guidelines. Google cited its policy prohibiting cryptocurrency mining on mobile devices and promptly rejected a MetaMask appeal to reverse the ban.

Apple's guidelines also require app developers to share 30% of transaction revenues. For crypto firms, including those that want iOS users to be able to purchase nonfungible tokens (NFT), the 30% Apple tax has also been a barrier.

Magazine: Blockchain detectives — Mt. Gox collapse saw birth of Chainalysis

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