BankNewport celebrated the opening of its two newest branches, in Coventry at 730 Centre of New England Boulevard and in Cranston at 875 Pontiac Avenue, with official ribbon cutting ceremonies held on March 11 and 12. BankNewport President and CEO, Sandra J. Pattie presided over the ceremonies with representatives from the Bank’s Board of Directors, state and local officials in attendance, including Coventry Town Manager, Thomas Hoover and Cranston Mayor, Allan Fung.
BankNewport acquired the Coventry and Cranston branches, and assumed the related deposit relationships, from Randolph Savings Bank, a state chartered bank headquartered in Stoughton, Massachusetts. The two locations officially became BankNewport branches at the close of business on March 7.
“We’re proud to welcome Randolph customers and employees to the BankNewport family,” stated President Pattie. “And we look forward to our role as a true community partner and neighbor to the residents and businesses of Coventry, Cranston and surrounding communities. We welcome the opportunity for them to discover BankNewport – a Rhode Island community bank offering a wide array of personal and business products, both electronic and traditional, and all delivered with unparalleled service.”
BankNewport is able to meet the credit needs of its customers in a comprehensive and timely manner. Lending decisions are made locally, with expedited processing and approval times, and all loans are serviced locally. The Bank originated over $700 million in commercial, residential and consumer loans within the past two years, essential for small business growth, job creation and retention, and financial stability for our state.
With business lending ability up to $10 million, BankNewport is an active commercial lender, ranked the number one SBA 504 first mortgage lender in Rhode Island and one of the top SBA 504 first mortgage lenders in New England for several years.
The Coventry and Cranston acquisition marks BankNewport’s entry into Providence County, the state’s most populous and highest growth market, and the addition of further scale in Kent County. President Pattie added, “We already have many relationships in these communities, thus the opportunity to expand our branch footprint in contiguous markets was an attractive opportunity and consistent with our long-term strategy.”
With the scheduled April opening of its branch at the Shops at Quonset Point in North Kingstown, BankNewport will have 15 branches in Rhode Island. The Bank also operates a lending center in Cranston, at 1000 Chapel View Boulevard in Garden City, and has free ATMs for its customers in all Walgreens drugstores, for an ATM network of over 40 locations in Rhode Island.
Coventry Photo (left to right): BankNewport Coventry Teller, Christine Brothers; Representing the office of Senator Sheldon Whitehouse, Nick Vincelette; OceanPoint Insurance Agency President & CEO, Doug Mayhew; BankNewport Coventry Assistant Branch Manager, Cynthia Benson; Coventry Town Manager, Thomas Hoover; BankNewport President & CEO, Sandra J. Pattie; Coventry Council Member (District #2), Gregory Laboissonniere; BankNewport Board Member, MaryJo Carr; Coventry Finance Director, Robert Thibeault, Jr.; and BankNewport Coventry Teller Supervisor, Kathleen Bedard.BankNewport, founded in 1819 and currently holding $1.2 billion in assets, is an FDIC-insured savings bank and is a subsidiary of OceanPoint Financial Partners, MHC. Along with its financial partner, OceanPoint Insurance Agency, Inc., BankNewport is proud to serve the financial needs of customers from banking and insurance offices located throughout Rhode Island.