NEWPORT – BankNewport has acquired a New Jersey financial company to operate as its marine-lending division.
The Newport-based bank on Monday announced the purchase of Offshore Financial Corp., a marine-service company specializing in marine-financing products. The bank declined to disclose financial details related to the deal.
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“Expansion of our marine lending activities presents a strategic-growth opportunity for BankNewport,” said Leland R. Merrill, executive vice president and chief operating officer.
Offshore Financial, founded in 1989, provides loans for new and used boat purchases along with refinancing deals for existing boat loans. The company, based in New Jersey, also serves New York, Connecticut and Florida. It will now operate as the Marine Lending Division of BankNewport.
The division will be led by Austin Sedicum, who joins BankNewport from GCF Bank in Sewell, N.J. BankNewport will add three employees through the acquisition. There are no layoffs expected as a result of the deal, according to the bank.
BankNewport, with $1.5 billion in assets, is the fourth largest Rhode Island-based bank. It holds about 4 percent of all bank deposits in Rhode Island, according to the Federal Deposit Insurance Corp.
“The Offshore Financial acquisition provides an immediate leadership position for the bank, in a key sector of the recreational boating industry, and creates significant value for BankNewport and Offshore customers,” Merrill said.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
