Provident New York Bancorp Names James F. Deutsch and Richard O'Toole to Board of Directors

MONTEBELLO, NY--(Marketwire - Nov 1, 2012) - Provident New York Bancorp (NYSE: PBNY) (the "Company"), parent company of Provident Bank, announced today that James F. Deutsch and Richard O'Toole were named to the Board of Directors.

Mr. Deutsch has served as a managing director of Patriot Financial Partners, L.P. ("Patriot"), a private equity fund investing in community banks throughout the United States, since April 2011. From November 2004 until April 2011, Mr. Deutsch served as President, CEO, and a Director of Team Capital Bank, a community bank located in eastern Pennsylvania and New Jersey. Jim has over 35 years of experience in financial services with diverse experience across the spectrum of investment banking, corporate banking, and community and regional banking.

Mr. O'Toole has served as Executive Vice President and a consultant of The Related Companies, a diversified real estate development and management company, since 2005. Mr. O'Toole supported the leadership of The Related Companies to drive extraordinary growth through development and management of residential and commercial projects across the country. Prior to his work with The Related Companies, he was a partner with Paul Hastings Janofsky & Walker, focused on real estate and tax. Richard has over 31 years of legal, merger and acquisition, real estate, and tax experience.

"We are very pleased to welcome Jim Deutsch and Richard O'Toole to the Provident New York Bancorp Board of Directors," said William F. Helmer, Chairman of the Board of Provident New York Bancorp. "Both Jim and Richard bring an exceptional level of broad-based experience to the Board that will enable us to profitably grow in the New York metropolitan area. Jim brings a breadth of experience in financial services and the perspective as both an investor in banks as well as the operational leadership of financial services firms. Richard is a terrific leader that has negotiated some of the most complex and opportunistic transactions in the area. We are very excited to have Jim and Richard join the Board at this most opportune time," said Jack Kopnisky, President and CEO of Provident Bank.

Headquartered in Montebello, N.Y., Provident Bank, with $4 billion in assets, specializes in the delivery of service and solutions to business owners, their families, and consumers in communities within the greater New York City marketplace through teams of dedicated and experienced relationship managers. Our franchise includes 35 Financial Centers. Provident Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit the Provident Bank Web site at www.providentbanking.com.

FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISK FACTORS
Any statements contained herein that are not statements of historical fact, including those that anticipate future growth, may be deemed to be forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that may adversely affect the Company's ability to realize its plans. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release. There are a number of important factors described in documents filed by the Company with the Securities and Exchange Commission and other factors that could cause the Company's actual results to differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.