Capitalization and institutional investment crucial to Centreville’s success

PBN 2021 Fastest Growing Companies Awards
$25 million – $75 million: 2. Centreville Bank


CEO (or equivalent): Harold M. Horvat, chairman, CEO and president
2020 Revenue: $54.5 million
2018 Revenue: $34.6 million
Revenue growth: 57.6%


Officials at Centreville Bank in West Warwick did not see the COVID-19 pandemic coming. But, continuous good planning, investment in the institution and strong capitalization placed the bank in a position to withstand it, and even to grow.

“We are very well-capitalized, and we have invested a lot in our people and our systems over the past three to five years,” said Harold M. Horvat, chairman, CEO and president.

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The bank’s recent growth can be attributed to a smart acquisition and to carefully managed organic growth, Horvat said.

In May 2020, Centreville acquired Putnam Bank, with eight branches in eastern Connecticut. That move raised the bank’s assets to $1.8 billion from the previous $1.1 billion, Horvat said.

Business has continued to be strong in commercial and residential lending and retail banking. Commercial banking has grown by 30% in each of the past three years, Horvat said, and retail banking has been buoyed by the large amounts of federal pandemic aid money moving through the country in the past year.