BankNewport forms new marine lending division following acquisitions

NEWPORT – BankNewport is expanding its “marine lending” business with the formation of OceanPoint Marine Lending, a new division of the bank.

Over the past year, BankNewport has “maximized its strong position” in the marine financing business through the acquisition of two privately owned boat-loan origination companies – JustBoatLoans by Vertisol Inc. earlier this year, and Offshore Financial in April 2018.

The bank said the acquisitions have positioned it to “vastly expand its tailored finance program for new and used boat purchases and refinancing options for existing boat loans, in addition to a variety of lending options for recreational vehicles, marine-related insurance products and banking products.”

With more than 30 years of experience in the marine and recreational lending business, Larry Reagan, former owner of JBL, will lead the OceanPoint Marine Lending division, the bank announced.

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Reagan joined BankNewport in May as senior vice president, director of marine and recreational lending. He’s responsible for the daily management and strategic planning for the new division.

“OceanPoint Marine Lending signifies a continued investment in our business and a commitment to delivering an even stronger marine financing experience,” Leland R. Merrill, BankNewport executive vice president and chief lending officer, said in a statement.

“We’re excited by the growth opportunities to deepen relationships with our customers and offer specialized lending services in New England and along the entire East Coast to Florida,” Merrill added.

“The merger of JustBoatLoans and Offshore Financial to form OceanPoint Marine Lending, a division of BankNewport, has created a unique entity poised to provide the highest levels of professional service to the marine industry,” Reagan said.

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

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