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.
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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.
