NEWPORT – BankNewport will acquire two Rhode Island branches of Stoughton, Mass.-based Randolph Savings Bank, the banks announced Nov. 6.
The two Randolph Savings Bank offices, located in Coventry and Cranston, will become BankNewport branches.
“This transaction 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,” said BankNewport President and CEO Sandra Pattie. “The opportunity to expand our branch footprint in contiguous markets is an attractive opportunity that is consistent with our long-term-strategy. We already have many relationships in these communities and look forward to welcoming Randolph customers and employees to the BankNewport family.”
Staff at the two locations will become BankNewport employees.
Randolph Savings Bank’s recent review of customer banking patterns found that the Coventry and Cranston offices are in areas where Randolph Savings does not have a strong branch presence in an adjacent or nearby market, said Randolph Savings Bank President and CEO Jim McDonough
“As a result, Randolph Savings Bank has decided that customers in those branches might be well- served if their banking needs were met by another community bank, particularly one that has a presence in adjacent markets,” McDonough said. “We selected BankNewport for this transaction because we knew they had the resources, market knowledge and presence and are
very committed to making banking a great experience for their customers.”
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