Expansion, aquisitions ensuring lasting success

2019 PBN Fastest Growing Companies: $75M and above
4. BankNewport

CEO (or equivalent): Sandra J. Pattie, CEO and president
2018 Revenue: $85,631,551
2016 Revenue: $66,528,437
Revenue growth: 28.7%

BANKNEWPORT MARKED its bicentennial this year, sailing to success like never before.

That’s largely thanks to its knowledgeable, can-do-minded crew committed to customers and community, according to Gregory Derderian, executive vice president, chief financial officer and director of strategic analysis.

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He also credited increased brand awareness that – buoyed by successes nearer the bank’s headquarters in Newport – stretches south along the Eastern Seaboard to Florida.

“We do have a lot of snowbirds who like to sail,” Derderian said.

In 2018, BankNewport expanded into Providence, opening two new branches in the capital city, giving the bank 17 branches in Rhode Island. Another branch is on deck for Johnston this November. Aside from new construction, the bank renovated the Stone Bridge branch in Tiverton last fall and launched new personal-teller technology.

And this spring, BankNewport and subsidiary OceanPoint Insurance made more moves to allow them to thrive over the long-term: In May, they acquired Maryland-based marine-financing company JustBoatLoans by Vertisol Inc. and Paquin Insurance Agency, of Tiverton.

“We’re building our legacy for the next 200 years,” Derderian said.

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