Provident unit is sued over thrift it acquired.

CINCINNATI -- Provident Bancorp Inc. said its subsidiary, Provident Bank of Cincinnati, is a defendant in a legal dispute over certain obligations of a thrift it acquired, Hunter Savings Association.

The lawsuit seeks $15.9 million in damages. Provident said it does not expect the action to have a material effect on its financial condition. It has set aside reserves that it believes are adequate to cover the claims.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER