BankNewport Highlights 2020 Community Investment
NEWPORT, R.I. (February 23, 2021) – BankNewport is pleased to announce that its philanthropic efforts in 2020 resulted in $1.47 million awarded to over 300 nonprofits in Rhode Island. The donations include all grants and sponsorships, as well as additional community contributions from local branches. BankNewport has contributed more than $4 million to local nonprofits in the last four years alone.
“As a true community bank, it is incumbent upon us to share the benefits of our growth with our neighbors, and this year’s giving demonstrates that,” said Sandra J. Pattie, President and CEO, Bank Newport. “We are humbled by the wonderful work that our community partners engage in every day to serve those in need and we are honored to have the opportunity to support their efforts.”
Organizations in every county in Rhode Island benefitted from the giving effort, with areas of impact focused on basic human needs, children & families, education, arts & culture, economic security, healthy living, and the environment.
Among the Bank’s new contributions in 2020 were grants specific to COVID-19 relief. As the pandemic grew in the spring, the Bank’s Community Fund Committee redirected its grant funds to extend immediate financial support with grants totaling $250,000 to the Rhode Island Foundation and United Way of Rhode Island COVID-19 Response Fund and a $100,000 grant to the Rhode Island Community Food Bank. In addition, more than $78,000 in sponsorship funds that had been earmarked for nonprofit organizations’ fundraising events were released to help meet their immediate needs. OceanPoint Insurance, BankNewport’s subsidiary, also contributed $2,500 to the COVID-19 Response Fund at the United Way during 401 Gives Day.
At the end of the calendar year, BankNewport’s Community Fund Committee awarded $130,000 in proactive grants to 25 organizations that focus on food insecurity, mental health, distance learning, minority-owned small businesses, and underserved populations that had their operations and outreach negatively affected by the pandemic. The Bank also awarded an additional $125,000 to 27 organizations to help meet basic needs for families during the holiday season.
Additionally, more than $70,000 was invested in financial education for middle schools and high schools throughout Rhode Island. Hundreds of students engaged in interactive programs on a variety of age-appropriate topics, from saving and budgeting to credit and entrepreneurship, which were made available virtually when schools shifted to distance learning in the spring. Virtual financial education workshops were also conducted for various community audiences, including adults and seniors.
Founded in 1819 and headquartered in Newport, BankNewport offers a full suite of loan and deposit products and services for families and businesses throughout Rhode Island. With $2.0 billion in assets, BankNewport is one of the oldest community banks in the United States and, as a mutual organization, is committed to the financial success of its customers, employees and communities. BankNewport has 17 branch locations, with commercial lending offices in Cumberland and Providence. BankNewport business lines include OceanPoint Marine Lending, specializing in consumer marine and recreational vehicle financing programs, and OceanPoint Insurance, a Trusted Choice independent insurance agency, providing a broad range of property casualty insurance products, including employee benefits and marine related insurance products.