• BankNewport Announces Significant Milestones and Growth at Annual Meeting

    OceanPoint Financial Partners, MHC
    Releases Summary of its 2023 Annual Meeting

    BankNewport proudly announced its accomplishments for 2023 at the annual meeting of OceanPoint Financial Partners (the “Company”), the mutual holding company of BankNewport, held on Monday, April 22, 2024.
    Branch deposits continued to grow and now stand at $2.14 billion at year’s end.      
    BankNewport’s lending teams originated approximately $659 million business, consumer, and marine loans. The loan portfolio grew $207 million to $2.14 billion, representing a 11% increase over the prior year ($1.93 billion in 2022). BankNewport earned the title of the top SBA 504 Lender in Rhode Island, representing the 12th time in the last 13 years it has made this achievement.
    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 technology, 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.  Advisors were able to grow their number of accounts by over 50% which also led to an increase in assets under management.
    The Company’s combined efforts earned 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. In addition, BankNewport was recognized by American Banker as a Best Banks to Work For, ranking 20th nationally.
    BankNewport’s philanthropic efforts in 2023 resulted in $1.6 million awarded to over 400 organizations. The funding was inclusive of charitable grants, donations, and community sponsorships. Through the Bank’s All In Volunteer Program, employees volunteered more than 10,000 hours in community service and financial education in 2023.
    President Murphy announced the appointment of Alan A. Brown of Scituate Massachusetts and Thomas Iannotti of Boston, Massachusetts to the Board of Trustees of OceanPoint Financial Partners, MHC and to the Board of Directors of its subsidiary BankNewport. Both Mr. Brown and Mr. Iannotti have significant community ties to Rhode Island and Newport.

    President Murphy also announced the appointment of four new Bank Corporators during the meeting: Dr. Kelli Armstrong of Newport; Abby Benson of Middletown; Aida Neary of Newport; and Keith Roberts of Jamestown. 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.
    Other highlights of the meeting were looking ahead to 2024, including:
    The introduction of new products and services and technology updates to further enhance the customer experience, including a suite of checking account products that feature debit rewards and two small business lending products offering customers fast, local decisioning and an easy in-branch application process. New digital account opening technology provides customers with a quick and easy way to get started with BankNewport accounts.
    BankNewport’s renovation of its branch at 528 West Main Road in Middletown, Rhode Island will be completed in the Fall of 2024. Once complete, the branch will offer a modern look and feel, offering an enhanced banking experience for customers and state-of-the-art technology for its customers throughout Aquidneck Island.
    Photo Caption:
    BankNewport President and CEO Jack Murphy speaks at the annual meeting of OceanPoint Financial Partners (the “Company”), the mutual holding company of BankNewport, held on Monday, April 22, 2024.
    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 19 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.

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