OceanPoint Financial Partners, MHC Releases Summary of its 2021 Annual Meeting
NEWPORT, RI (May 19, 2022) – BankNewport proudly announced its accomplishments for 2021 at the annual meeting of OceanPoint Financial Partners (the “Company”), the mutual holding company of BankNewport, held in-person on Monday, April 25, 2022. At year-end, total assets increased to a record-high of $2.35 billion, from its banking, marine lending, and wealth management business lines, as well as its wholly owned OceanPoint Insurance Agency.
“As we turn the corner of another year of managing the shifts in the pandemic, the bank and the insurance agency experienced record earnings and growth,” said Jack Murphy, President & CEO, BankNewport. “As a result of the solid foundation and dedication of our employees, every business line met or exceeded its goals, and the Bank and insurance agency received a number of awards and recognitions in 2021.”
BankNewport’s lending teams originated a record $1.01 billion in total loans, representing a 17.6% increase over the amount of loans originated in 2020. Through the Paycheck Protection Program (PPP) the Bank originated $215 million in loans to more than 2,800 small businesses over a two-year period. BankNewport earned the title of the top SBA 504 Lender in Rhode Island, representing the 11th time in the last 12 years it has made this achievement.
Branch deposits grew by 18.5% in 2021, reaching $2.03 billion. The Company’s combined efforts earned the Banking Choice Award from the American Business Media, the Business Excellence Award from the Newport Chamber of Commerce, and a spot on Providence Business News’ Best Places to Work list.
OceanPoint Insurance Agency, OceanPoint Marine Lending, and OceanPoint Investment Solutions continued to design programs for personal insurance, business insurance, employee benefits, and wealth management, serving clients throughout the region. Combined revenue for the companies totaled $14 million.
With the COVID-19 pandemic continuing into 2021, BankNewport sharpened its commitment to technological advancement by installing seven new Personal Teller Machines (PTMs) at branches across the state, introducing a new digital and mobile banking platform to provide an improved user experience, and began to provide customers with the ability to access their credit score online.
BankNewport also expanded its physical footprint in 2021, opening a branch in Warwick, at 27 Strawberry Field Road, in December. As the third largest city in Rhode Island, the presence of BankNewport’s first retail branch and personal teller machines in Warwick further connects the Bank’s geographic retail footprint.
The Company’s philanthropic efforts in 2021 resulted in over $1.2 million to over 350 nonprofits impacting basic human needs, children and families, education, healthy living, arts and culture, and the environment.
BankNewport’s Kind Heart, Fresh Start campaign collected over 4,700 personal care items impacting over 1,000 individuals in need; its Kind Souls, Full Bowls campaign benefitted the Rhode Island Community Food Bank with a $50,000 gift from the Bank, and over $7,500 raised from the community.
Through BankNewport’s BNWise Financial Education Program, more than 2,500 students and community members were engaged in interactive presentations, hosted both online and in-person, on a variety of topics including saving and budgeting, crediting, digital banking and more.
As part of the Company’s All In Volunteer Program, its employees volunteered more than 7,300 hours in community service and financial education in 2021.
About OceanPoint Financial Partners, MHC
OceanPoint Financial Partners, headquartered in Newport, Rhode Island, is a Mutual Holding Company. Through BankNewport and OceanPoint Insurance Agency, Inc., the Company is proud to serve the financial and insurance needs of families and businesses from 18 full-service banking offices, two commercial lending offices, and four full-service insurance offices located throughout Rhode Island.