NEWPORT – OceanPoint Financial Partners, the holding company for BankNewport, reached record-highs in assets and new loans in 2020, the company reported in its annual meeting on April 26.
The $2.1 billion in assets reflects the company’s banking, marine lending and wealth management lines as well as OceanPoint Insurance Agency and represents a 14.3% increase over the prior year. Through is banking line, the company also reported a record $850 million in loans in 2020 for a total loan portfolio of $1.6 billion. The 250% increase in loan originations over the year prior was driven in part by its participation in the Paycheck Protection Program. BankNewport served as the lender for $134 million PPP loans to more than 2,000 small business recipients, the company stated.
Bank deposits increased 22% year over year to $1.7 billion.
The bank also was recognized by the U.S. Small Business Administration as the top lender through its 504 loan program, making it the 10th time in the last 11 years the bank was recognized with this title.
Meanwhile, its insurance arm reported more than $10 million in revenue through its services in 2020.
The company also donated more than $1.5 million to 300 nonprofits in 2020.
The mutual holding company based in Newport includes 17 full-service banking offices, two commercial lending offices, and four full-service insurance offices located throughout Rhode Island.
Nancy Lavin is a PBN staff writer. Contact her at Lavin@PBN.com.
Want to share this story? Click Here to purchase a link that allows anyone to read it on any device whether or not they are a subscriber.
