NEWS RELEASE

CONTACT: Linda A. Niro, EVP and CFO
Provident Financial Services, Inc.
201-915-5448
FOR IMMEDIATE RELEASE: November 10, 2008

    Provident Financial Services, Inc. Will Not Seek Federal Capital Funding

JERSEY  CITY,  N.J.,  November 10, 2008  ---/PRNewswire/First  Call/ - Provident
Financial Services,  Inc. (NYSE:PFS)  ("Provident") announced today that it will
not make an application to participate in the U.S.  Treasury's  Capital Purchase
Plan ("CPP"),  which is part of the Troubled  Asset Relief  Program.  The filing
deadline  for  Provident to obtain  funding  under the CPP is November 14, 2008.
Provident's  determination  was based, in large part, on the current strength of
its capital position and balance sheet.

"While we  understand  Provident  would be eligible to  participate  in the CPP,
after careful  consideration we made a business decision that Provident will not
apply for the CPP funds.  We believe  our strong  capital  base will  adequately
support  our growth  plans and  provide a stable  base for our  ongoing  lending
operations. We will continue to add to our capital through earnings derived from
our core business,  which remains  strong," said Paul M. Pantozzi,  Chairman and
Chief Executive Officer of Provident.

As of September 30, 2008,  Provident was well  capitalized  pursuant to existing
bank regulatory  requirements having a tier 1 leverage capital ratio of 8.47%, a
tier 1 risk-based  capital ratio of 12.42% and a total risk-based  capital ratio
of 13.49%.

Pantozzi  added,  "We commend the efforts of the U.S Treasury to provide capital
through  its CPP  investments  to  stimulate  lending.  However,  Provident  has
remained an active lender during these difficult times by providing financing to
individuals and small and mid-sized  businesses in New Jersey. We believe we can
continue to support ongoing loan demand without the U.S. Treasury's assistance."

Provident  Financial  Services,  Inc. is the holding  company for The  Provident
Bank.  Chartered  in  1839,  The  Provident  Bank is a  community-oriented  bank
offering a full range of retail and commercial  loan and deposit  products.  The
Bank currently operates 83 full service branches throughout northern and central
New Jersey.

Forward Looking Statements


Certain statements contained herein are "forward-looking  statements" within the
meaning of Section  27A of the  Securities  Act of 1933 and  Section  21E of the
Securities  Exchange  Act  of  1934.  Such  forward-looking  statements  may  be
identified  by  reference  to a  future  period  or  periods,  or by the  use of
forward-looking  terminology,   such  as  "may,"  "will,"  "believe,"  "expect,"
"estimate,"  "anticipate,"  "continue,"  or similar terms or variations on those
terms, or the negative of those terms. Forward-looking statements are subject to
numerous risks and uncertainties,  including,  but not limited to, those related
to the  economic  environment,  particularly  in the  market  areas in which the
Company operates, competitive products and pricing, fiscal and monetary policies
of the U.S. Government,  changes in government  regulations  affecting financial
institutions,  including  regulatory fees and capital  requirements,  changes in
prevailing  interest  rates,   acquisitions  and  the  integration  of  acquired
businesses,  credit risk management,  asset-liability  management, the financial
and securities markets and the availability of and costs associated with sources
of liquidity.


The Company  wishes to caution  readers not to place undue  reliance on any such
forward-looking  statements,  which speak only as of the date made.  The Company
wishes  to advise  readers  that the  factors  listed  above  could  affect  the
Company's financial performance and could cause the Company's actual results for
future periods to differ  materially  from any opinions or statements  expressed
with respect to future periods in any current  statements.  The Company does not
undertake  and  specifically  declines any  obligation  to publicly  release the




result of any revisions,  which may be made to any forward-looking statements to
reflect events or circumstances  after the date of such statements or to reflect
the occurrence of anticipated or unanticipated events.