OceanPoint Financial Partners, MHC Releases Summary of its 2022 Annual Meeting
NEWPORT, RI (April 28, 2023) – BankNewport proudly announced its accomplishments for 2022 at the annual meeting of OceanPoint Financial Partners (the “Company”), the mutual holding company of BankNewport, held on Monday, April 24, 2023. The Company reached record-highs in assets, total loans, deposits and revenue at year-end.
BankNewport’s lending teams originated approximately $800 million business, consumer and marine loans. The loan portfolio grew $240 million to $1.93 billion, representing a 14% increase over the prior year. 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 continued to grow and now stand at $2.04 billion at year end. The Company’s combined efforts earned the Newport Life magazine’s Best of Newport County (Bank/Credit Union), the Providence Business News’ Best Places to Work list, and an Exemplary Worksite Health Award from Blue Cross & Blue Shield of Rhode Island and the Greater Providence Chamber of Commerce.
BankNewport also broke ground on a new branch in Lincoln, RI to service even more customers in Northern Rhode Island. When completed in Summer 2023, the branch will be the 19th location established during the Bank’s 200-plus-year history.
“Our commitment to relationship building, combined with our solid financial foundation, allowed us to grow and expand our branch network and enhance our digital services by investing in the development of new products, services, and technology,” stated BankNewport President and CEO, Jack Murphy.
OceanPoint Marine Lending, a business line of BankNewport specializing in consumer marine and recreational vehicle financing programs, continued its business growth and expansion strategy through further investment in digital, leading the industry with a fully automated loan application process.
OceanPoint Investment Solutions continued to design programs for wealth management, serving clients throughout the region. Despite a challenging investment market in 2022, advisors were able to grow their number of accounts by almost 50% which also led to an increase in assets under management.
BankNewport sold OceanPoint Insurance Agency to The Hilb Group on December 1, 2022. The transaction provided the infrastructure of a larger insurance firm to support the future growth of the insurance agency, while allowing BankNewport to continue its focus on core business and on-going capital investments needed to best serve customers and community.
BankNewport’s philanthropic efforts in 2022 resulted in $1.7 million awarded to over 350 organizations. The funding was inclusive of charitable grants, contributions and community sponsorships, including a year-end grant of $100,000 to the Rhode Island Community Food Bank. Through the Bank’s All In Volunteer Program, employees volunteered more than 8,500 hours in community service and financial education in 2022.
At the meeting, President Murphy announced the establishment of the BankNewport Charitable Foundation to expand and elevate the Bank’s legacy and giving impact throughout Rhode Island. Through its Foundation, BankNewport will continue to support the work of 501c3 organizations with grants, and will also have the ability to participate in larger philanthropic initiatives and key causes around basic human needs, education, community development, healthy lives, arts and culture, and the environment. The BankNewport Charitable Foundation is expected to commence with the distribution of grants beginning in 2024.
President Murphy also announced the appointment of nine new Bank Corporators during the meeting: Michael T. Casey of Jamestown; Elizabeth Catucci of North Providence; Maha Chamseddine of Middletown; Sean Napolitano of Middletown; Cortney Nicolato of Saunderstown; Joe Perroni of Bristol; Lisa Raiola of Bristol; Brad Read of Middletown; and Steven J. Ursillo Jr. of Wakefield. Corporators play an essential role in promoting the mission and vision of a mutual community bank. They are ambassadors that represent the communities served by BankNewport.
About OceanPoint Financial Partners, MHC:
OceanPoint Financial Partners, headquartered in Newport, Rhode Island, is a Mutual Holding Company. Through BankNewport, the Company is proud to serve the financial needs of families and businesses from
18 branch locations and a commercial lending office in Providence. OceanPoint Marine Lending, a division of BankNewport, offers personalized marine and recreational vehicle financing programs throughout New England and along the entire East Coast.