NEWPORT – OceanPoint Financial Partners, the mutual holding company for Bank Newport, ended 2021 with a record $2.35 billion in assets and $1.01 billion in loans, the company announced at its annual meeting.
Other milestones included an 18.5% year-over-year increase in BankNewport branch deposits, which hit $2.03 billion as of Dec. 31.
“As we turn the corner of another year of managing the shifts in the pandemic, the bank and the insurance agency experienced record earnings and growth,” Jack Murphy, CEO and president of BankNewport, said in a statement. “As a result of the solid foundation and dedication of our employees, every business line met or exceeded its goals, and the bank and insurance agency received a number of awards and recognitions in 2021.”
Awards and recognitions included the Banking Choice Award from American Business Media, the Business Excellence Award from the Greater Newport Chamber of Commerce, and a spot on Providence Business News’ Best Places to Work list, according to a news release.
The company’s philanthropic efforts also generated $1.2 million to more than 350 nonprofits over the course of the year.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
