PBN 2025 FASTEST GROWING COMPANIES 2025
$50 MILLION AND ABOVE 1. Centreville Bank
CEO (or equivalent): Harold M. Horvat, chairman, CEO and president
2024 Revenue: $147.4 million
2022 Revenue: $73.2 million
Revenue growth: 101.2%
THE PAST YEAR has been one of growth for Centreville Bank. Leadership at the West Warwick-based financial institution says that expanding the bank’s footprint, its assets and clientele are all part of Centreville’s mission of being a true community bank throughout Rhode Island and surrounding states.
Facing the Holidays with a Cancer Diagnosis
The holidays are often painted as a time of joy, tradition, and togetherness. But for…
Learn More
“We felt like we needed to be in all areas of the state, so we are now in every county in the state, and we feel very comfortable that we are able to serve those areas effectively,” Chairman, CEO and President Harold M. Horvat said.
In the last 12 months, Centreville opened a new loan production facility in Warren and a full-service branch in Pawtucket, next to Rhode Island FC’s executive offices.
That soccer connection also extends to the bank’s significant naming rights deal for Rhode Island FC’s home venue, Centreville Bank Stadium, and other community-based partnerships with the professional team.
Centreville also signed off on plans to open new branches in Providence and Middletown by the end of this year. The bank also operates seven branches in eastern Connecticut.
“We’ve had some pretty significant expansion in our footprint, and with that, there has been a growth in deposits, and a growth in our loans and in our assets,” Horvat said.
Centreville’s revenue increased by slightly more than 10% from June 2024 to June 2025. Assets increased by approximately 15%.
Horvat said that is about $7 million in added revenue, and an increase of almost half a billion dollars in assets.
As a mutual bank – a financial institution that is not owned by shareholders – Centreville looks toward the future more than other banks, Horvat said. He feels there is a real niche for a community bank such as Centreville in the state.
“We think our message resonates with business owners and with consumers. Our folks show up. We are involved in the community,” he said. “All of our employees volunteer their time, and we feel very strongly about what we’re doing and the message that we have.”
Jill DeShiro, executive vice president, chief financial officer and chief operating officer, said that message is one of trust and conveying expertise to clients. When people do business with the bank, they receive the attention they deserve, DeShiro says.
“We’re not outsourcing any of our work, and we’re committed to continuous improvement and continuous investment in technology and our people and our infrastructure,” she said.
DeShiro also said the investment and growth in those areas will not slow down, as the bank is committed to the state and the community through its efforts to give back.
Maintaining the work culture that characterizes the bank as an employer of choice in Rhode Island is a key factor of Centreville’s planned expansion and annual growth, Horvat said. The bank has hired and onboarded about 30 new employees in the past year.
“We’re very lucky. We have a great team here. A lot of us have been here many years, committed to the culture, and our onboarding of new employees introduces that immediately,” DeShiro said. “Our hiring efforts, our recruiting efforts really all focus on not just the skills of prospective hires but that they are also a good fit for the company. That has really helped us maintain our employees and attract new ones.”
Ultimately, for Horvat, employees and customers will continue to drive growth at Centreville.
“It is all about people,” he said. “People who are really committed to being part of a community bank. Not only that but also committed to being part of our culture, as well as a part of our strategic plan. We want to be the employer of choice and a place that everyone wants to come to and no one wants to leave. That has kind of been our mantra and focus, and we want to continue with that as we continue to grow.”
