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): December 3, 2008
PROVIDENT
FINANCIAL HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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000-28304
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33-0704889
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(I.R.S.
Employer
Identification
No.)
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3756
Central Avenue, Riverside,
California
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92506
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(Address
of principal executive
offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (951) 686-6060
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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.
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[
] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
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[
] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
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[
] Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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[
] 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.
On
December 3, 2008, Provident Financial Holdings, Inc., the holding company for
Provident Savings Bank, F.S.B. (“Bank”), announced that the Bank is
participating in the Federal Deposit Insurance Corporation’s Temporary Liquidity
Guarantee Program (“TLGP”), which consists of the Transaction Account Guarantee
Program and the Debt Guarantee Program. The news release announcing
the participation in the TLGP is attached as Exhibit 99.1 and incorporated by
reference herein.
Item
9.01 Financial Statements and Exhibits
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(d)
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Exhibits
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99.1
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News
Release regarding the participation in the TLGP dated December 3,
2008.
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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.
| PROVIDENT FINANCIAL HOLDINGS, INC. | |
| Date: December 3, 2008 | /s/Donavon P. Ternes |
| Donavon P. Ternes | |
| Chief Operating Officer and Chief Financial Officer |
 |
 |
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3756
Central Avenue
Riverside,
CA 92506
(951)
686-6060
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NEWS RELEASE |
PROVIDENT
FINANCIAL HOLDINGS
ANNOUNCES
ITS PARTICIPATION IN THE
TEMPORARY
LIQUIDITY GUARANTEE PROGRAM
Riverside,
Calif. – December 3, 2008 – Provident Financial Holdings, Inc. (“Company”),
NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B.
(“Bank”), today announced that the Bank will participate in the Federal Deposit
Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program (“TLGP”),
which consists of the Transaction Account Guarantee Program (“TAGP”) and Debt
Guarantee Program (“DGP”).
Through
the TAGP, the FDIC will provide unlimited deposit insurance coverage for all
noninterest-bearing transaction accounts through December 31,
2009. This includes traditional non-interest bearing checking
accounts, certain types of attorney trust accounts and NOW accounts as long as
the interest rate does not exceed 0.50 percent. The program is
designed to enhance depositor confidence in the safety of the United States
banking system.
Through
the DGP, the Bank will have the option to issue senior unsecured debt (fully
guaranteed by the FDIC) on or before June 30, 2009 with a maturity of June 30,
2012 or sooner. If the Bank chooses to issue debt under the DGP
program it will be limited to two percent of its liabilities as of September 30,
2008, or approximately $29.4 million.
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Safe-Harbor
Statement
This
News Release contains statements that the Company believes are “forward-looking
statements.” These statements relate to the Company’s financial
condition, results of operations, plans, objectives, future performance or
business. You should not place undue reliance on these statements, as
they are subject to risks and uncertainties. When considering these
forward-looking statements, you should keep in mind these risks and
uncertainties, as well as any cautionary statements the Company may
make. Moreover, you should treat these statements as speaking only as
of the date they are made and based only on information then actually known to
the Company. There are a number of important factors that could cause
future results to differ materially from historical performance and these
forward-looking statements. Factors which could cause actual results
to differ materially include, but are not limited to, the credit risks of
lending activities, including changes in the level and trend of loan
delinquencies and write-offs; changes in general economic conditions, either
nationally or in our market areas; changes in the levels of general interest
rates, deposit interest rates, our net interest margin and funding sources;
fluctuations in the demand for loans, the number of unsold homes and other
properties and fluctuations in real estate values in our market areas; results
of examinations of us by the Office of Thrift Supervision, Federal Deposit
Insurance Corporation or other regulatory authorities, including the possibility
that any such regulatory authority may, among other things, require us to
increase our reserve for loan losses or to write-down assets; our
ability to control operating costs and expenses; our ability to
successfully integrate any assets, liabilities, customers, systems, and
management personnel we have acquired or may in the future acquire into our
operations and our ability to realize related revenue synergies and cost savings
within expected time frames and any goodwill charges related thereto; our
ability to manage loan delinquency rates; our ability to retain key members of
our senior management team; costs and effects of litigation, including
settlements and judgments; increased competitive pressures among financial
services companies; changes in consumer spending, borrowing and savings habits;
legislative or regulatory changes that adversely affect our business; adverse
changes in the securities markets; inability of key third-party providers to
perform their obligations to us; changes in accounting policies and practices,
as may be adopted by the financial institution regulatory agencies or the
Financial Accounting Standards Board; war or terrorist activities; other
economic, competitive, governmental, regulatory, and technological factors
affecting our operations, pricing, products and services and other risks
detailed in the Company’s reports filed with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the fiscal year ended
June 30, 2008.
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Contacts:
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Craig G. Blunden | Donavon P. Ternes |
| Chairman, President and CEO | Chief Operating Officer and | |
| Chief Financial Officer |
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