After 65 years, Home Loan Investment Bank changes name to Shoreham Bank

WARWICK – Home Loan Investment Bank FSB says it has changed its name to Shoreham Bank to reflect its expansion of its financial products and services and the company’s Rhode Island roots.

The name change took effect on March 15.

Founded in 1959 by John M. Murphy as a community mortgage lender, the bank grew into a full-service bank serving individuals and businesses with retail banking products as well as home, auto and business loans. Federally chartered, it operates a statewide branch network and employs 110 people.

According to the Federal Deposit Insurance Corp., the bank had four offices and $328.9 million in deposits in Rhode Island, as of June 30, 2023.

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The transition to a new name and brand identity was made with great consideration according to CEO and Chairman Brian Murphy, who is the son of the bank founder.

“It is our hope that this new name will better reflect the breadth of services and products we currently offer to our valued customers and streamline the totality of financial services and business lines offered under one uniquely Rhode Island name,” he said. “It’s important to underscore that our commitment to great customer service, financial guidance and knowledgeable advice will remain unchanged and unwavering.”

The new company logo, which can be found on the bank’s website, shoreham.bank, draws its inspiration from Rhode Island’s connection to the ocean and the state’s dramatic coastline and in particular, Block Island and the South East Lighthouse.

Warwick Mayor Frank Picozzi attending the unveiling of the new name.  “The new name and logo really highlights the company’s commitment to the people of Rhode Island and everything the state has to offer. With more than 50 years of service in the Ocean State and having its headquarters right here in Warwick, I am excited to see what else the future holds for Shoreham Bank.”

“I congratulate the Murphy family and bank executives on 60 years in business in the Rhode Island banking industry and wish you continued success as you reimagine this community financial services institution to better reflect your Rhode Island base of customers and expanded product line,” said House Speaker K. Joseph Shekarchi, D-Warwick.