BankNewport Celebrates Growth, Community Impact at Annual Meeting
BankNewport President & CEO Jack Murphy
BankNewport proudly announced its accomplishments for 2024 at the annual meeting of OceanPoint Financial Partners, MHC (the “Company”), the mutual holding company of BankNewport, held on Monday, April 21, 2025.
Branch deposits continued to grow and now stand at $2.27 billion at year’s end.
BankNewport’s lending teams originated approximately $635 million in business, consumer, and marine loans. The loan portfolio grew $161 million to $2.29 billion, representing a 7.5% increase over the prior year ($2.14 billion in 2023).
BankNewport was once again recognized by the U.S. Small Business Administration’s (SBA) Rhode Island District Office for its exceptional performance in small business lending. BankNewport was named Rhode Island 7(a) Lender of the Year, Rhode Island 504 3rd Party Lender of the Year (tie) for the 13th time in the last 14 years, and Rhode Island 7(a) and 504 Combined Dollar Volume Lender of the Year.
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 30%. By the end of the year, assets under management had grown to $73 million.
BankNewport’s philanthropic efforts in 2024 resulted in $1.6 million awarded through charitable grants, contributions, and community sponsorships impacting basic human needs, children and families, education, economic security, healthy lives, arts and culture and the environment. Through the Bank’s All In Volunteer Program, employees volunteered more than 10,000 hours in community service and financial education in 2024. Over 400 organizations were impacted through funding, volunteer services, and financial education.
CEO Jack Murphy announced the appointment of Kelli J. Armstrong, Ph.D. of Newport, to the Board of Trustees of OceanPoint Financial Partners, MHC and to the Board of Directors of its subsidiary, BankNewport.
CEO Jack Murphy also announced the appointment of seven (7) new Bank Corporators during the meeting: David A. Altounian of Newport, Brian E. Casey of North Kingstown, Erin L. Donovan-Boyle of Smithfield, Hilary D. Fagan of Providence, Eric R. Gershman of Cranston, Matthew A. Vargas of Warwick and Tony G. Weisman of Narragansett. 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 included:
BankNewport celebrated the opening of its new Community Lending Center in Central Falls at 757 Broad Street with an official ribbon cutting ceremony in May 2024. The Center provides current and prospective customers with expedient borrowing opportunities on a full range of residential mortgage and business banking products, including Equity Builder, Fannie Mae’s Home Ready program, Rhode Island Housing first time homeowner programs, and Federal Housing Administration programs. As part of the celebration of the new Community Lending Center, BankNewport announced its partnership with LISC and provided $250,000 in funding to support the organization’s mission to make quality affordable housing available for low income and vulnerable residents in underserved communities in Rhode Island.
Renovations were completed in Fall 2024 to BankNewport’s branch located at 528 West Main Road in Middletown, with a modern look and feel, offering an enhanced banking experience and state-of-the-art technology for its customers throughout Aquidneck Island.
About OceanPoint Financial Partners, MHC:
OceanPoint Financial Partners, MHC, 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 nineteen branch locations, a community lending center in Central Falls, and a commercial lending office in Providence. OceanPoint Marine Lending, a business line of BankNewport, specializes in consumer marine financing programs.
