Valley Bank spent millions on bank acquisitions under its previous CEO. Its new leader has taken a markedly different approach.
The New Jersey company said the issue, tied to insufficient validation procedures, did not lead to misstated financial results.
California and others have passed consumer privacy laws, and lawmakers in Congress are beginning to address the issue.
"You can't meet customers at the headquarters," CEO Kevin Cummings tells his senior executives.
The New Jersey bank said it will save millions of dollars by eliminating the jobs as well as selling and leasing back some of its real estate.
Bank of Princeton will also buy $190 million in deposits as part of the deal.
Provident's investment adviser unit will have nearly $3 billion in assets under management after it buys Tirschwell & Loewy.
George Scharpf had been the New Jersey bank's leader since 1981.
The $25.5 billion-asset company has also restructured its securities portfolio as part of a broader effort to reduce costs and improve profits.
The New Jersey company terminated an acquisition after being hit with the order in 2016.
