Billion dollar milestone

Posted 7/24/14

BankNewport, with $1.3 billion in assets, recently announced it has reached $1 billion in deposits and $1 billion in loans – a significant growth milestone in its almost 200-year history. The …

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Billion dollar milestone

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BankNewport, with $1.3 billion in assets, recently announced it has reached $1 billion in deposits and $1 billion in loans – a significant growth milestone in its almost 200-year history. The bank’s expansive suite of financial product offerings, significant investment to be at the forefront of customer-centric technologies and expansion of the branch footprint into new markets have all attributed to this growth. “Achieving $1 billion in both deposits and in loans is an important milestone in our history,” BankNewport President and CEO Sandra J. Pattie said in a statement. “Such success is a direct tribute to our exceptional team and to our Board of Directors that guide us strategically. Consistent and reasoned lending practices and a solid capital base have served the Bank well for almost two centuries.” With the recent opening of branches in Cranston, Coventry and Quonset, BankNewport has 15 branches and a lending center in Rhode Island. In addition, it maintains more than 40 free ATMs in all Walgreens drugstores throughout the state. Pictured here is the bank’s leadership team: Sandra J. Pattie, BankNewport president and CEO; Gregory Derderian, chief financial officer; and Robert E. Maddock, executive vice president of community banking. (Submitted photo)

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