Donavon Ternes Takes the Helm at Provident Financial Holdings as Craig Blunden Retires

Provident Financial Holdings, Inc. (NASDAQ: PROV), which serves as the holding company for Provident Savings Bank, F.S.B., has announced that Craig G. Blunden, the current Chairman and Chief Executive Officer, will retire from his executive roles as CEO of both the Company and the Bank, effective January 1, 2024. Following his retirement from executive management responsibilities, Mr. Blunden will assume the position of non-executive Chairman of the Board for the Company and Bank.

In conjunction with Mr. Blunden’s retirement, Donavon P. Ternes will take on the roles of President and CEO for the Company and Bank, effective January 1, 2024. Until this transition date, Mr. Ternes will continue to fulfill his current role as President, Chief Operating Officer, and Chief Financial Officer.

The process of identifying a successor to Mr. Ternes for the Chief Financial Officer position is underway, and further details will be provided in a subsequent announcement. The Chief Operating Officer position will remain vacant after January 1, 2024.

Provident, the largest independent community bank headquartered in Riverside County, California, with total assets exceeding $1.3 billion and 13 retail banking centers, has been serving its community’s financial needs since 1956.

Mr. Blunden expressed, “Management succession is a significant responsibility of the Board of Directors and reflects many years of thoughtful consideration about the future leadership of Provident. Donavon has been with Provident for 23 years, holding key leadership positions, including the last 12 as President of the Company and Bank, in addition to his other duties and responsibilities. We are confident that Provident, with Donavon’s leadership and the remarkable abilities of his colleagues, will continue our community banking focus, which is conservative and easily understood and has served our local customers and communities very well. Donavon understands and embraces the fact that we are a true community bank. It has been my privilege to serve Provident for over 49 years, and I look forward to continuing my association with Provident as non-executive Chairman.”

Mr. Ternes commented, “It is hard to overstate Craig’s achievements with Provident over his 49-year career, including his instrumental role in connection with the conversion from a federally chartered mutual savings bank to a federally chartered capital stock savings bank and the simultaneous issuance of common stock in the public offering in June 1996. Just as important, Craig has an extensive background in community service in the Inland Empire and has served on several boards and committees in the financial services industry. Perhaps most distinguished was his appointment by the Federal Reserve Board to a two-year term on the Thrift Institutions Advisory Council in Washington, D.C., and his election by banking industry colleagues to the Board of Directors of the Federal Home Loan Bank of San Francisco, where he served for 16 years. His steady leadership and dedication have served our constituencies well, and I am pleased that his wisdom and insight will be retained as he fulfills his duties as non-executive Chairman. I appreciate the Board’s confidence in me to lead Provident, and I’m proud to be part of our 67-year history.”

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