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Provident Bancorp shareholders approve stock-holding company conversion

Amesbury, Mass.-based Provident Bancorp Inc. shareholders approved Provident Bancorp Inc (MHC)'s plan to convert to a stock holding company from a mutual holding company.

Provident Bancorp previously completed a stock offering related to the plan. Under the reorganization, Provident Bancorp MHC will cease to exist, and Provident Bancorp will be restructured into a fully public stock holding company from a two-tier mutual holding company.

Provident Bancorp is the successor holding company of Provident Bank (MHC).