PBN 2021 Fastest Growing Companies Awards
$75 million and above: 5. BankNewport
CEO (or equivalent): Jack Murphy, CEO and President
2020 Revenue: $101 million
2018 Revenue: $85.6 million
Revenue growth: 17.9%
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BankNewport, headquartered in Middletown and with 17 branches statewide, credits revenue growth of the bank and subsidiary OceanPoint Insurance to several factors, including strategic recruitment and brand awareness in new markets.
With just a few months left in 2021, all bank business lines continue to perform well, says BankNewport CEO and President Jack Murphy. “Record deposits and loan originations continue,” he said. “Our brand awareness efforts are growing and effective, with more new customers. With new services and technologies, there are more products a customer can have with us.”
On the insurance side, agency acquisitions and acquisitions in marine lending have been a recipe for success.
“OceanPoint Marine Lending’s acquisitions of Offshore Financial Corp. and JustBoatLoans, along with the collective talents they bring, have represented an even stronger marine financing experience for our clients, contributing to overall growth,” said Gregory Derderian, BankNewport executive vice president, chief financial officer and director of strategic analysis.
