BankNewport Named Among Fastest Growing Companies by Providence Business News

NEWPORT, R.I. (September 25, 2020) – BankNewport, one of the country’s oldest community banks whose hallmark is its dedication to the communities it serves, has been named among 20 of the highest earners on Providence Business News’ list of Fastest Growing Private Companies as part of the PBN’s 2020 Fastest Growing & Innovative Companies awards program.
The 20 fastest growing companies recognized this year had the highest-percentage growth in revenue of all applicants from 2017 to 2019. 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.
“We are thrilled to be recognized among so many notable businesses who are contributing to economic success in our state,” said Sandra J. Pattie, President & CEO, BankNewport. “Our incredible team, and most importantly, our customers, have been instrumental to our growth and we look forward to continued success for years to come.”

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.  With $1.7 billion in assets, BankNewport is one of the oldest 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.

Through a relationship with LPL Financial, a leader in the retail financial advice market, BankNewport is able to offer access to investment products and services with OceanPoint Investment Solutions*.

*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:

About Banking New England:
Bankers across New England turn to bi-monthly, Banking New England for essential news, information and analysis. Executives and managers rely on the magazine for vital information on how to better service their customers, how to efficiently run their institutions and how to grow in a challenging economy.

Pictured, left to right: Wendy E. Kagan, Executive Vice President, Director of Employee and Community Engagement; Mary E. Leach, Executive Vice President, Director of Consumer Relationships; Sandra J. Pattie, President, Chief Executive Officer; John P. Sullivan, Executive Vice President, Digital and Technology Strategy; Gregory Derderian, Executive Vice President, Chief Financial Officer and Director of Strategic Analysis