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Community Corner

BankNewport Reaches One Billion Milestone in Deposits and Loans

BankNewport, a community bank headquartered in Newport, Rhode Island with $1.3 billion in assets, recently announced that it has reached $1 billion in deposits and $1 billion in loans – a significant growth milestone in its almost 200 year history.

The Bank’s expansive suite of financial product offerings, significant investment to be at the forefront of customer-centric technologies and expansion of the branch footprint into new markets have all attributed to this growth.

“Achieving $1 billion in both deposits and in loans is an important milestone in our history,” stated BankNewport President & CEO, Sandra J. Pattie. “Such success is a direct tribute to our exceptional team and to our Board of Directors that guide us strategically.  Consistent and reasoned lending practices and a solid capital base have served the Bank well for almost two centuries.”

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President Pattie added, “BankNewport is a Rhode Island community bank.  We’ve prospered by staying focused on exceptional service and competitive products for generations of families and businesses.  We’re excited to celebrate this achievement with our customers, communities and employees, who have all played significant roles in the Bank reaching this milestone.”

BankNewport is able to meet the credit needs of its customers in a comprehensive and timely manner.  Lending decisions are made locally, with expedited processing and approval times, and all loans are serviced locally.  The Bank originates commercial, residential and consumer loans, essential for small business growth, job creation and retention, and all contributing to the revitalization of local communities and our state.

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With business lending ability up to $10 million, BankNewport is an active commercial lender, ranked the number one SBA 504 first mortgage lender in Rhode Island and one of the top SBA 504 first mortgage lenders in New England for several years. 

With the recent opening of branches in Cranston, Coventry and Quonset, BankNewport now has 15 branches and a lending center in Rhode Island. In addition, it maintains over 40 free ATMs for its customers in all Walgreens drugstores throughout the State.

BankNewport, founded in 1819 and currently holding $1.3 billion in assets, is an FDIC-insured savings bank and is a subsidiary of the Mutual Holding Company, OceanPoint Financial Partners, MHC.  Along with its financial partner, OceanPoint Insurance Agency, Inc., BankNewport is proud to serve the financial needs of customers from banking and insurance offices located throughout Rhode Island.

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