OceanPoint Financial Partners, MHC Releases Summary of its 2020 Annual Meeting

NEWPORT, RI (April 28, 2021) – BankNewport announced its accomplishments for 2020 at the annual meeting of OceanPoint Financial Partners (the “Company”), the mutual holding company of BankNewport, held via proxy vote on Monday, April 26, 2021.  At year-end, total assets increased to a record-high of $2 billion, from its banking, marine lending, and wealth management business lines, as well as its wholly owned OceanPoint Insurance Agency.

BankNewport’s lending team originated a record $850 million in loans, representing a 250% increase over the number of loans originated in 2019, which includes $134 million in Paycheck Protection Program loans to more than 2,000 small businesses. BankNewport earned the title of the top SBA 504 Lender in Rhode Island, representing the 10th time in the last 11 years it has made this achievement.

Branch deposits grew by 22% in 2020, reaching $1.7 billion. The Company’s combined efforts earned a place among the Fastest Growing Private Companies in Rhode Island by Providence Business News.

OceanPoint Insurance continued to design programs for personal insurance, business insurance, and employee benefits, serving clients through four office locations throughout the state. Revenues for the agency exceeded $10 million.

In a year marked by a global pandemic, BankNewport’s prior investments in technology allowed the organization to continue to seamlessly serve its customers through the use of Personal Teller Machines (PTMs).

The historic restoration of BankNewport’s branch at 10 Washington Square in Newport, a $5 million investment revitalizing the nearly 90-year-old building, integrated modern amenities, services, and technology. The project was awarded the 2020 Doris Duke Historic Preservation Award.

The Company’s philanthropic efforts focused on COVID relief, awarding over $1.47 million to 300 nonprofits impacting basic human needs, children and families, education, healthy living, and economic security.

BankNewport President and CEO Sandra Pattie also acknowledged the meeting as her last before she retires in May. Chairman Peter Capodilupo thanked President Pattie for her 38 years of dedicated service to the Bank and announced Jack Murphy as her successor as President and CEO of the Bank.

Chairman Capodilupo closed the meeting with the announcement that the Sandra J. Pattie Scholarship Fund, in the amount of $120,000, will be established to honor President Pattie’s legacy with BankNewport to support annual scholarships through the CCRI Foundation.

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 17 full-service banking offices, two commercial lending offices, and four full-service insurance offices located throughout Rhode Island.