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BANKNEWPORT ANNOUNCES PURCHASE OF OFFSHORE FINANCIAL

 

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NEWPORT, RI  (April 2, 2018) – BankNewport announced today that it has purchased the assets of Offshore Financial Corporation, a marine service company specializing in personalized marine financing programs.  Offshore Financial will operate as a Marine Lending Division of BankNewport.

Founded in 1989, Offshore Financial provides tailored finance programs for new and used boat purchases and refinancing options for existing boat loans.  The transition of Offshore Financial from a privately owned boat loan origination company to BankNewport expands the resources, products, and services available to Offshore Financial clients, including marine-related insurance products and banking products. 

"Expansion of our marine lending activities presents a strategic growth opportunity for BankNewport,” stated BankNewport Executive Vice President, Chief Operating Officer, Leland R. Merrill.  “The Offshore Financial acquisition provides an immediate leadership position for the Bank, in a key sector of the recreational boating industry, and creates significant value for BankNewport and Offshore customers."

In addition to its own lending capabilities, Offshore Financial works with a variety of national marine lending institutions which enhances their capacity to offer competitive rates, flexible terms, and specialized attention throughout the boat financing process. 

Offshore Financial will retain its long-standing presence in Bay Head, New Jersey, along with offices in the tri-state area of New York, New Jersey and Connecticut, in Florida, and now in Rhode Island.

BankNewport’s Marine Lending Division will be led by Austin Sedicum, Vice President, Director of Marine Lending.  With over 40 years of extensive experience in the marine and specialty lending arenas, Sedicum joins BankNewport from GCF Bank in Sewell, New Jersey, where he developed and managed their marine and specialty lending division.  

Along with Austin, the Offshore Financial team members will be welcomed into the BankNewport and OceanPoint Insurance employee family.  

Merrill continued, “BankNewport’s new Marine Lending Division is a continued investment in our business and we’re excited to capitalize on the opportunities our collective talents will bring in delivering an even stronger marine financing experience.” 

About Offshore Financial

Offshore Financial Corp., a marine service company specializing in boat loan originations was founded by Bernadette Horvath and Matt Bartosh in 1989.  In March of 2018 Offshore Financial became a Division of BankNewport.  The transition of Offshore Financial from a privately owned boat loan origination company to Bank ownership vastly expands the resources, products, and services available to Offshore Financial customers.   In addition to its own lending capabilities, Offshore Financial works with a variety of national marine lending institutions to give Offshore Financial as much horsepower and flexibility as possible to meet your boat financing desires.

About BankNewport

Founded in 1819 and headquartered in Newport, Rhode Island, BankNewport offers a full suite of loan and deposit products and services for families and businesses throughout Rhode Island.  With 15 banking offices and $1.5 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.

About OceanPoint Insurance Agency

Headquartered in Middletown, Rhode Island, OceanPoint Insurance Agency, Inc., a BankNewport subsidiary, is a Trusted Choice independent insurance agency providing a broad range of property casualty insurance products, including all types of marine related insurance products.  Tracing its roots back to 1863, OceanPoint Insurance is proud to serve the needs of clients from four full service offices located in Middletown, Barrington, North Kingstown and Coventry, Rhode Island, forming one of the largest independent insurance agency operations in southeastern New England.