BankNewport acquires boat-financing business

MIDDLETOWN – BankNewport announced Wednesday it has acquired a Maryland-based boat-financing business, enabling the bank to expand such financing in Rhode Island and beyond.

The Middletown-based bank said it has purchased the assets of JustBoatLoans by Vertisol Inc., a marine-service company specializing in consumer marine and recreational-vehicle financing programs.

JBL provides tailored financing programs for new and used boat purchases and refinancing options for existing boat loans, in addition to lending options for recreational vehicles.

BankNewport did not disclose the purchase price but said JBL will operate under the bank’s marine and recreational-lending division.

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Larry Reagan, formerly JBL’s owner, has joined BankNewport as senior vice president and director of marine and recreational lending. Other JBL “team members” also are now part of the BankNewport, and its subsidiary OceanPoint Insurance, “employee family,” the bank said.

The bank said it will retain JBL’s long-standing presence in Severna Park, Md., along with its offices on Maryland’s shore and in Virginia Beach, Va.

The transition of JBL from a privately owned boat-loan origination company to part of BankNewport expands the resources, products and services available to JBL clients, including marine-related insurance products and banking products, the bank said.

“The JBL acquisition presents a strategic expansion opportunity for BankNewport,” BankNewport Executive Vice President and Chief Operating Officer Leland R. Merrill said in a statement.

“We’re excited to deliver an even stronger marine and recreational financing experience for our bank and JBL customers, maximizing our leadership position in this key sector of the boating industry,” Merrill said.

The JBL acquisition follows BankNewport’s purchase last year of Offshore Financial, which also operates under the marine and recreational lending division of the bank. Offshore Financial has since retained its long-standing presence in Bay Head, N.J., along with offices in Rhode Island, Florida, and the tri-state area of New York, New Jersey, and Connecticut, BankNewport said.

The JBL acquisition will result in 10 full-time employees added to the BankNewport payroll – all based in Maryland and Virginia Beach, Va., according to BankNewport. The bank anticipates adding more staff in both the Rhode Island mid-Atlantic markets over the next few years.

JBL’s loans, meanwhile, will be originated out of offices in Rhode Island, New Jersey, and the mid-Atlantic market, the bank said.

Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.