NEWPORT – BankNewport recently announced it surpassed $500 million in commercial loans for the first time in company history, and reported record-breaking 2016 assets totaled $1.4 billion.
The Newport-based bank last month released select financial highlights at the annual meeting of its mutual holding company, OceanPoint Financial Partners, which also owns OceanPoint Insurance.
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BankNewport said it grew its total loan book to $1.1 billion, including the origination of $285 million in loans comprising $133 million in mortgages and $46 million in commercial loans.
At the same time, the bank’s retail division grew deposits $56 million to a record $1.1 billion, and 6,500 new deposit accounts were opened, according to the bank.
More detailed financial results were not made available to Providence Business News.
OceanPoint Insurance, excluding contingency income, reached $6 million in new business growth and “strong customer retention rates. Last year, the agency relocated its headquarters to the former BankNewport building on Two Mile Corner in Middletown, “reinforcing the bank and insurance agency’s shared brand,” according to the company.
OceanPoint Financial Partners has 16 full-service banking offices and three full-service insurance offices in Rhode Island.
Eli Sherman is a PBN staff writer.
