PBN FASTEST GROWING COMPANIES 2020 $75M AND ABOVE
5. BankNewport
CEO (or equivalent): Sandra J. Pattie
2019 Revenue: $97.9 million
2017 Revenue: $73.6 million
Revenue growth: 33.1%
AT A VENERABLE 201 years old, you might think BankNewport’s growing days were behind it. Not so.
Gregory Derderian, the bank’s executive vice president and chief finance officer, said revenue has increased by about 33% in the past two years.
Derderian said BankNewport has undertaken a number of initiatives to facilitate growth, including establishing new branches in Providence and Johnston.
“It strengthens brand identity when you go into a new market,” Derderian said. He also said the bank is exploring additional expansion, and considers itself a statewide bank – although there are no plans to change the BankNewport name.
Regarding the COVID-19 pandemic, Derderian said the bank had invested heavily in technology, such as personalized teller machines allowing users to speak to a bank employee to conduct banking transactions.
He said bank employees “worked around the clock” to process 1,800 loans from the Paycheck Protection Program, backed by the U.S. Small Business Administration.
