BankNewport Named Among Fastest Growing Companies by Providence Business News
NEWPORT, R.I. – (September 30, 2021) – BankNewport, one of the country’s oldest community banks whose hallmark is its dedication to the communities it serves, has been named among 19 of the highest earners on Providence Business News’ (PBN) list of Fastest Growing Private Companies as part of the PBN’s 2021 Fastest Growing & Innovative Companies awards program.
The fastest growing program had the highest-percentage growth in revenue of all applicants from 2018 to 2020. The companies were named in four separate revenue categories – $250,000 to $5 million; $5 million to $25 million; $25 million to $75 million; and $75 million and above. BankNewport was ranked in the top five in the $75 million and above category, marking the fifth time in the last six years it has earned the designation.
“We are thrilled to be part of this group of distinguished businesses, who are so valuable to Rhode Island’s economy, no matter their size,” said Jack Murphy, President & CEO, BankNewport. “Our incredible team, and most importantly, our customers, have been instrumental to this growth and we look forward to continued success for all for years to come.”
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 longest-standing 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.