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NEWPORT, RI (June 29, 2022) – BankNewport is pleased to announce that Portsmouth, RI resident Ana Tesa has been promoted to vice president, branch manager of its Stone Bridge branch, located at 1740 Main Road in Tiverton, and Cumberland resident David Nolan has been named vice president, branch manager for its downtown Providence branch located at 55 Dorrance Street. They will each be responsible for branch operations, customer service, and team development at their respective locations.

Tesa joined BankNewport in 2019, and most recently served as branch operations manager at the same Tiverton location. Nolan joins BankNewport from Citizens Bank where he worked for 17 years as a multi-site manager and vice president.

“We are so pleased to announce Ana and David’s appointments,” said BankNewport Senior Vice President, Director of Retail Sales, Amy Riccitelli. “Their retail banking experience is a great complement to the responsibilities of their new positions, and the great impact I know they will make on their branch teams and the greater community. They will be a valuable asset for our customers and we are looking forward to continued growth under their leadership.”

 

 

 

 

 

 

 

 

About BankNewport:

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. 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 18 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.

NEWPORT, RI (June 27, 2022) – BankNewport has made a $100,000 charitable contribution to the Newport Historic Spring to advance the effort to install a public park on the site of the original town spring and the birthplace of Newport. This represents the largest corporate contribution to the project to transform the former Coffey’s gas station into a park that pays tribute to the values of religious freedom and tolerance, the founding principles of Newport as the first secular government in the colonial period of the United States.

“We are incredibly grateful to BankNewport for making this strong commitment to the Newport Historic Spring, to the city and every resident and visitor,” stated Lilly Dick, chair of the Newport Spring Leadership Committee, the volunteer group working with Church Community Housing Corporation to realize the vision for the park. “This important site remains threatened by inappropriate commercial development until this park is installed, conveyed to the City of Newport, and protected as open space with a conservation easement. BankNewport is an amazing steward of Newport history and the quality of life in our community, they’ve demonstrated this once again.” “In our more than 200-year history, we have been committed to supporting the communities we serve, and we are honored to be part of this incredibly important and historic project,” said Jack Murphy, President & CEO, BankNewport. “The Newport Spring park will not only enhance the city for residents and visitors, but it will serve as a lasting tribute to Newport’s founding.”

After years of careful planning, site remediation, the discovery and study of the 18th-Century spring box, and extensive input by the City of Newport and the public, the vision for this park will become a reality once this $3.5 million phase two is fully funded. A total of $2.7 million has now been raised and the leaders hope to raise the final funding by September 2022 to break ground and begin construction.

To learn more about the Newport Historic Spring, visit www.newportspring.org. To make a tax deductible donation to the project, contact David Guertin at david@vantageinphilanthropy.com (401) 868-0365.

About BankNewport:

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. 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 18 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.

NEWPORT, RI (June 20, 2022) – BankNewport is pleased to announce that Chief Credit Officer and Chief Risk Officer Paul A. Marchetti has been promoted to executive vice president.

During his seven-year tenure at BankNewport, Marchetti has developed best-in-class Risk Management and Credit Risk programs. He also has oversight for BankNewport’s Community Development program and is a member of the Bank’s Executive Loan Committee.

“I’m excited to have Paul join our senior executive team,” said Jack Murphy, President and CEO, BankNewport. “His depth of knowledge and experience has been important to our organization and will be integral to our continued growth.”

Prior to joining BankNewport, Marchetti held senior leadership roles at Greylock Federal, Citizens Financial Group and Fleet Bank. He started his career as a federal bank examiner working at both the Department of the Treasury and the FDIC.

Marchetti received a Bachelor of Science from the University of Rhode Island and an MBA from Bryant University. He also carries the certifications of Chartered Financial Analyst – CFA and Certified Anti Money Laundering Specialist – CAMS. Marchetti is also associated with the Center for Financial Professionals (CeFPro), an international research organization and the focal point for financial risk professionals to advance through renowned thought-leadership and knowledge sharing.

Marchetti is a member of the Northern Rhode Island Chamber of Commerce Board of Directors and is a Trustee of the Providence Foundations. He resides in Smithfield, Rhode Island.

About BankNewport:

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. 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 18 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.

NEWPORT, RI (June 14, 2022) – BankNewport is pleased to announce that it has awarded $45,000 in grants to five organizations in Rhode Island that provide education, training and workforce development: DownCity Design, East Bay Community Action Program, FirstWorks, Providence Promise, Rhode Island Tutorial and Education Services, and Save The Bay.

“As a true community bank, supporting those who support our neighbors is essential to our mission,” said Jack Murphy, President & CEO, BankNewport. “We are extremely proud to contribute to the nonprofit community throughout Rhode Island who perform tireless and selfless work to care for those in need.”

DownCity Design was founded in 2009 to empower people to imagine and create a better future for their communities using design. Since its founding, over 2200 participants in the free afterschool and summer design programs have collaboratively built more than 85 permanent amenities for public spaces in and around Providence, including community gardens, outdoor classrooms for public schools and creative play structures for parks. BankNewport’s grant will support the organization’s digital literacy and workforce development efforts.

“Generous funding from BankNewport enabled us to acquire 10 new laptops that will help low-income youth and adults in our free programs learn new career skills and create service projects for our most vulnerable communities,” said Adrienne Gagnon, Executive Director. “We are so grateful for their support.”

East Bay Community Action Program provides high-quality, comprehensive and accessible health and human services to assist people to achieve their fullest potential. BankNewport’s grant will support the organization’s Newport Youth Center and its subsidized employment & GED attainment efforts. “The support received from BankNewport for East Bay Community Action Program’s Youth Centers is a sound investment in the futures of 17 teens who reside in the East Bay region,” said Angela Downing, Senior Director, Workforce Development & Social Services. “In addition to purchasing technology for use by participants, the BankNewport grant supported subsidized internship opportunities in an array of industries, including: automotive, education, Information Technology, medical, retail, performing arts, boating, marine trades, and social services.”

FirstWorks, a Providence-based nonprofit organization with a mission to enrich the social, educational and economic fabric of Rhode Island by engaging diverse audiences with world-class performing arts experience and catalyzing partnerships that foster equitable access to the arts. BankNewport’s grant will support the organization’s expanded arts education offerings in Newport.

“BankNewport has played a special role in expanding FirstWorks’ Arts Education program to Newport– earlier this month students of Pell Elementary joyously came together in their first assembly all year,” said FirstWorks Executive Artistic Director, Kathleen Pletcher. “Over 100 students created music alongside Sidy Maiga, a Rhode Island-based, master percussionist from Mali. Thanks to BankNewport, FirstWorks is championing the arts as essential to building back Rhode Island through programs that connect students to world class artistry and their own creativity.”

Providence Promise is a parent-driven partnership that provides a foundation to support Providence Public School and Charter School students to continue their education after high-school. The BankNewport funds will enhance the organization’s financial empowerment and family engagement in BNWise, the Bank’s financial education platform.

“Providence Promise is so excited about BankNewport’s support of its Early Scholarship Program, which provides additional funds to the college savings accounts of our students,” said Madalyn Ciampi, Executive Director. “This grant will be used to provide Early Scholarships to families who participate in financial literacy programming and we look forward to working with BankNewport to both facilitate financial literacy sessions and provide college savings incentives to all who participate.”

Rhode Island Tutorial & Education Services (RITES) provides highly qualified support to children struggling with reading and math. BankNewport’s grant will support the organization’s specialized literacy techniques.

“BankNewport’s philanthropic support helps us to provide important tools and supplies for more than 300 kids for the academic school year,” said Lisa Bigney, Co-Founder & Director. “These tools help students achieve important milestones in reading comprehension. We are so thrilled to have BankNewport’s support to help us develop strong learners.”

Save The Bay is the voice for Narragansett Bay through advocacy, education, and habitat restoration and adaptation. BankNewport’s grant will support STEM education experiences, both in-person and via distance learning.

“Over our 35 years of providing environmental education programs to students in Providence and throughout the Narragansett Bay watershed, we know just how impactful these kinds of experiences can be,” said Save The Bay Director of Education Bridget Prescott. “It’s hard to put a price tag on the value of a student learning about the ecosystems, the animals, the habitats right outside their door. We believe that every student has a right to these experiences, no matter where they live or where they go to school. Unfortunately, program costs—especially transportation costs—can prevent a school from exploring these opportunities. We are so grateful to BankNewport for their support, which has allowed us to lessen these financial barriers and helped us continue delivering meaningful programs to Providence students throughout the 2021-2022 school year.”

From left to right: Wendy E. Kagan, Executive Vice President/Chief Engagement Officer, BankNewport; Kathleen Pletcher, Executive Artistic Director, FirstWorks; and Jamil Jorge, Education Director, FirstWorks.

From left to right: Adrienne Gagnon, Executive Director, DownCity Design; and Carmen Diaz Jusino, Vice President/Community Development Officer, BankNewport.

About BankNewport:

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. 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 18 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.

NEWPORT, RI (June 13, 2022) – BankNewport held its first in-person Financial Education Fairs since 2020 for students at West Warwick High School and William S. Rogers High School in Newport last month.

Throughout the school year, BankNewport conducted presentations on topics such as Careers, Checking and Savings, Digital Banking, Personal Insurance, and the Importance of Credit. The Fair served as a capstone to the partnership, giving students the opportunity to go through a realistic budgeting experience, make spending decisions based on a chosen career, monthly income and living expenses, and engage with members of the local business community.

“We are so pleased to be back in schools for our financial education fairs,” said Jack Murphy, President and CEO, BankNewport. “Personal finance is a critical skill and one we need to be teaching our young people as early as possible, so that they have the tools to succeed in the world.”

 

Students at William S. Rogers High School in Newport speak with BankNewport Relationship Banker, Seth Lovely, during the recent Financial Education Fair hosted by BankNewport at William S. Rogers High School.

William S. Rogers High School students working diligently in collaboration on their BankNewport Financial Education Fair assignments in the School’s gymnasium.

Students at West Warwick High School speak with BankNewport President and CEO Jack Murphy during a recent Financial Education Fair hosted by BankNewport at West Warwick High School.

West Warwick High School students working diligently on their BankNewport Financial Education Fair assignments.

BankNewport Vice President/East Greenwich Branch Sales Manager, Kathleen Sanderson-Upham provides direction to West Warwick High School students during its recent in-person Financial Education Fair at the school.

About BankNewport:

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. 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 18 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.

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.

NEWPORT, R.I. (April 21, 2022) – BankNewport is pleased to announce that it has awarded $45,000 in grants to four organizations in Rhode Island that are fighting food insecurity: Barrington Tap-In, McCauley Ministries, the Salvation Army Providence Corps, and the Rhode Island Community Food Bank.

“As a true community bank, supporting those who support our neighbors is essential to our mission,” said Jack Murphy, President & CEO, BankNewport. “We are extremely proud to contribute to the nonprofit community throughout Rhode Island who perform tireless and selfless work to care for those in need.”

Barrington Tap-In, an all-volunteer agency, works to improve the quality of life for residents of Barrington, Bristol, East Providence, and Warren by providing resources to address food insecurity and economic hardship.

“We are so grateful for BankNewport’s support,” said Tirza Rivera-Ciara, President, Barrington Tap-In. “These resources have helped us provide food, including refrigerated products and fresh produce, to 376 families in need per month in the East Bay, as well as cleaning products, toiletries, houseware items, and linens. This donation is also helping our organization to move to ‘client choice’ this May, when our clients will be able to choose for themselves the food that best suits their needs.”

McAuley Ministries, based in Providence, provides the basic needs of food, clothing, shelter, health services, emotional support, and guidance to the most vulnerable in the community. The grant will support McAuley House’s Healthy Meals and Food Pantry Program, which provides a daily breakfast and lunch feeding program serving up to 250 people daily, as well as a food pantry which offer supplemental food assistance to both daily meal guests as well as other residents from surrounding neighborhoods.

“We are very grateful to BankNewport for their generous support for the Healthy Meals and Food Pantry program at McAuley House,” said Barbara Haynes, Executive Director, McAuley Ministries. “The economic impact of the pandemic and increasing costs for basic human needs has been devastating for so many, and especially for those in the Elmwood and South Providence neighborhoods. BankNewport’s responsive support for the needs of the most vulnerable will help to ease their burdens.”

The Salvation Army Providence Corps aspires to assist individuals to become more independent through a variety of services and programs. The BankNewport grant will support the organization’s efforts to provide food pantry and hot meal services to those in need in Providence, Pawtucket, and Newport through its Emergency Assistance Program, including its Sunday Community Meal program, which welcomes individuals and families in need of a nutritious, balanced meal and fellowship.

“The generosity of BankNewport has provided resources that allow us to touch many lives. BankNewport is in the truest sense a partner in service as we address the needs of suffering people across Rhode Island. With their help we have put smiles on the faces of innocent children and hope into the lives of desperate parents. We are proud to call BankNewport, both partner and friend!”

The Rhode Island Community Food Bank has been distributing millions of pounds of food to those in need of assistance through a network of member agencies across the state. The BankNewport grant will address the Food Bank’s priorities of protecting the most vulnerable from hunger, enabling food insecure families to achieve their nutrition and health goals, and securing a sustainable future for the Food Bank.

“We are so grateful for BankNewport’s longstanding partnership, especially throughout the pandemic,” said Kate MacDonald, director of communications. “This generous gift will help us to continue putting fresh, nutritious and culturally responsive foods on the tables of Rhode Islanders in need.”

Photo ID (from left to right):
1) Yvette Kenner, Administrator, McAuley Ministries; Carmen Diaz-Jusino, Vice President, Community Development Officer, BankNewport; Barbara Haynes, Executive Director, McAuley Ministries; Erin Mallo, Vice President, Branch Manager (S. Angell Street, Providence Branch), BankNewport. 2) Carmen Diaz-Jusino, Vice President, Community Development Officer, BankNewport; Yvette Kenner, Administrator, McAuley Ministries; Barbara Haynes, Executive Director, McAuley Ministries; Erin Mallo, Vice President, Branch Manager (S. Angell Street, Providence Branch), BankNewport.

About BankNewport:
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. 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 18 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.

NEWPORT, R.I. (April 19, 2022) – OceanPoint Investment Solutions is pleased to announce that John W. Farmer, CFP®, has joined LPL Financial as a financial advisor. Farmer brings more than 20 years of industry experience to his new role, in which he will work closely with clients to develop individualized financial plans and investment strategies based on their unique circumstances, goals, timeline, and risk tolerance, as well as their need for growth, income, capital preservation, and asset protection.

John Farmer photoThrough its relationship with LPL Financial, OceanPoint Investment Solutions has the strategic support to provide access to a broad range of competitive investment advisory services to customers that addresses their distinctive needs, and help bring them to the next successful chapter of their lives, in addition to access to industry-leading, independent investment research and tools, resources and technology that includes an online self-guided Wealth Portal.

“We are so pleased to welcome John to the OceanPoint Investment Solutions team,” said Amy Riccitelli, Senior Vice President, Director of Retail Sales at BankNewport. “His experience in the industry and focus on his clients’ needs, along with a commitment to offering personal service and qualified guidance will truly serve the best interests of our clients and align to OceanPoint Investment Solutions’ overall customer commitment.” As a registered representative with LPL Financial, Farmer will be located at BankNewport’s Warwick branch at 27 Strawberry Field Road.

Prior to joining OceanPoint Investment Solutions, Farmer was a financial advisor for Citizens Securities. He earned a Bachelor of Science degree in Business from Rhode Island College and Master of Business Administration in Finance at Salve Regina University. He is also an adjunct professor at Rhode Island College.

A native of Lincoln, RI, John currently resides in North Smithfield.

About OceanPoint Investment Solutions

In 2019, BankNewport introduced OceanPoint Investment Solutions through a relationship with LPL Financial, a leader in the retail financial advice market, to offer access to comprehensive financial and investment advisory services.*

*Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. BankNewport and OceanPoint Investment Solutions are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using OceanPoint Investment Solutions, and may also be employees of BankNewport. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, BankNewport or OceanPoint Investment Solutions. Securities and insurance offered through LPL or its affiliates are:

Not Insured by FDIC or Any Other Government Agency Not Bank Guaranteed Not Bank Deposits or Obligations May Lose Value

NEWPORT, R.I. – (April 7, 2022) – BankNewport is pleased to announce that Jeanne Lapak joined the Bank’s executive team in November 2021 as Executive Vice President, Chief Commercial Banking and Lending Officer, responsible for leading the Commercial and Business Banking Teams.

With over 20 years of banking experience and high-level expertise in strategic and sales leadership, Jeanne formerly held senior management positions at organizations including Citizens, Santander, and JP Morgan Chase Bank.

“Jeanne is a valuable addition to our executive team,” said Jack Murphy, President and CEO of BankNewport. “She brings both a strategic and customer centric approach, as well as an omni channel perspective. Her depth of knowledge, experience and ability to execute is a true asset to BankNewport.”  Under Lapak’s leadership, BankNewport will further expand its commitment and service to commercial and small businesses throughout Rhode Island.

She earned a Bachelor of Science in Computer Information Systems from Bentley University in Waltham, Massachusetts.   Jeanne and her husband Tom have recently relocated to Newport, RI.

About BankNewport

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.  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 18 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.

Fiscal Year 2021 Title is BankNewport’s 10th in 11 Years

NEWPORT, R.I. (February 14, 2022) – BankNewport was recently recognized by the Small Business Administration’s Rhode Island district office as the top 504 3rd Party Lender of the Year for Fiscal Year 2021. BankNewport has earned this distinction for four consecutive years, and 10 of the last 11 years.

“We are proud to receive this designation from the SBA once again,” said Ken Burnett, Senior Vice President, Director of Commercial Relationships at BankNewport. “From the executive team to our loan officers, BankNewport is dedicated to serving the community, and our expertise and commitment to this product, as well as the SBA 7(a) loan program allows us the opportunity to provide a path to success for small businesses throughout Rhode Island.”

BankNewport ranked number one among all banks in Rhode Island in the number of loans originated through the U.S. Small Business Administration’s 504 loan program during the federal fiscal year that ended September 30, 2021.  The Bank originated 14 SBA 504 loans totaling over $5.6 million for small businesses. The SBA 504 program provides up to 90 percent financing for the purchase of long-term fixed assets, such as commercial real estate, buildings and equipment.

“The SBA is pleased to award the Third Party Lender of the Year annual award for FY 2021 to BankNewport.  Their commitment to the small business community in Rhode Island has helped so many local businesses survive and grow during the pandemic,” said SBA District Director Mark S. Hayward.  “The SBA is proud to have such a great lending partner in BankNewport, and I applaud their entire team’s work over the past year to help local entrepreneurs gain access to capital that is vital to their success,” he added.

 

About BankNewport:

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.  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 18 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.