UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): May 23, 2007

PROVIDENT FINANCIAL HOLDINGS, INC.
(Exact name of registrant as specified in its charter)

Delaware

000-28304

33-0704889

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(I.R.S. Employer
Identification No.)

3756 Central Avenue, Riverside, California

92506

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (951) 686-6060

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.
 

[  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 

[  ]    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 

[  ]    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 

[  ]    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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Item 8.01 Other Events

        Provident Financial Holdings, Inc. ("Company"), the holding company for Provident Savings Bank, F.S.B. completed a reduction in workforce at Provident Bank Mortgage and closed loan production offices in Carlsbad, Huntington Beach and Corona, California. The Company estimates that the one-time charges associated with the reorganization will be approximately $229,000 primarily the result of lease obligations and employee severance payments. The charges will be recognized in the quarter ending June 30, 2007. The future estimated cost savings expected as a result of this action is approximately $78,000 per month beginning on June 1, 2007.

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SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

   
Date: May 23, 2007 PROVIDENT FINANCIAL HOLDINGS, INC.
   
   
   
   
  /s/ Donavon P. Ternes                                          
  Donavon P. Ternes
  Chief Financial Officer
  (Principal Financial and Accounting Officer)

 

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