BankNewport

BankNewport

Rhode Island community bank providing deposits

Overview

BankNewport is a community savings bank serving Rhode Island, offering personal and business banking services. Its products include FDIC‑insured savings and checking accounts, loans, and other banking services accessed through a network of local branches. The bank operates as part of a mutual holding company (OceanPoint Financial Partners, MHC), which reflects its member-owned structure. Customers interact with the bank via branch offices and a range of deposit, lending, and financial services, with services designed to meet local financial needs. BankNewport differentiates itself through a long regional history (founded in 1819) and a community-focused, member-owned model rather than a pure investor-owned bank. Its goal is to provide reliable, accessible financial services to individuals and businesses in Rhode Island while maintaining strong customer service and local presence, supported by its FDIC insurance and Equal Housing Lender status.

About BankNewport

Simplify's Rating
Why BankNewport is rated
C+
Rated C on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Financial Services

Company Size

201-500

Company Stage

N/A

Total Funding

N/A

Headquarters

Middletown, Rhode Island

Founded

N/A

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Simplify's Take

What believers are saying

  • Green PayTech partnership, announced April 1, 2026, expands merchant services immediately.
  • BankNewport added a Wakefield branch filing in July 2026, extending local market coverage.
  • Spring 2026 grants topped $470,000, reinforcing employer brand and community trust.

What critics are saying

  • Rhode Island concentration leaves BankNewport exposed to one state's borrower and deposit base.
  • The 68.68% efficiency ratio from December 2025 signals weak operating leverage.
  • A merchant-payments push and recreational-lending expansion invite fintech and cyclical credit compression.

What makes BankNewport unique

  • BankNewport reached $3.0 billion in assets in April 2026, proving regional scale.
  • OceanPoint Funding, Inc. now unifies marine and recreational lending into a national brand.
  • BankNewport won Rhode Island SBA lender awards for 2025, including 7(a) and 504 leadership.

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Benefits

Remote Work Options

Hybrid Work Options

Company News

Providence Business News
May 5th, 2026
BankNewport holding company reports record $3B in assets at annual meeting.

BankNewport holding company reports record $3B in assets at annual meeting. 05/04/2026 NEWPORT - OceanPoint Financial Partners, the mutual holding company for BankNewport, reported record total assets of $3 billion for 2025, the company announced at its annual meeting held April 20. Company Chairman Peter Capodilupo presided over the meeting, where he said the milestone reflects a long-term goal of reaching the $3 billion threshold. For many small businesses and nonprofit organizations, relatively simple upgrades can deliver meaningful savings while... BankNewport also received multiple statewide honors from the U.S. Small Business Administration for its small-business lending performance in fiscal year 2025, including recognition as Rhode Island 7(a) Lender of the Year and 504 third-party lender awards. The bank originated 72 SBA 7(a) loans totaling $4.54 million and 16 SBA 504 third-party loans totaling $12.14 million, ranking first in combined lending volume in the state. - Advertisement - OceanPoint Marine Lending, a division focused on marine and recreational vehicle financing, expanded its operations through the acquisition of Lending Associates, forming a new subsidiary, OceanPoint Funding Inc., which will focus on recreational lending nationwide. OceanPoint Investment Solutions reported continued growth in wealth management services, with advisory accounts increasing 27% and assets under management rising to $90 million. The company also reported more than $1.75 million in charitable contributions and community sponsorships in 2025, supporting organizations across housing, education, arts and health initiatives. Employees logged more than 10,000 volunteer hours for the third consecutive year, supporting more than 500 organizations statewide through volunteerism, board service and financial education programs. BankNewport CEO and President Jack Murphy also announced the appointment of John J.B. "J.J." Silvia III of Portsmouth as a new corporator, a role supporting the governance of the mutual bank structure. Murphy also recognized two retiring trustees, MaryJo Carr and Janet Robinson, for their decades of service to the institution and its community mission. Matthew McNulty is a PBN staff writer. He can be reached at [email protected] or on X at @MattMcNultyNYC.

Providence Business News
Apr 7th, 2026
BankNewport teams up with Green PayTech to streamline merchant payments.

BankNewport teams up with Green PayTech to streamline merchant payments. 04/06/2026 NEWPORT - BankNewport recently announced a new partnership with Green PayTech, providing business customers with upgraded merchant services across Rhode Island and beyond. The collaboration gives businesses access to payment processing tools designed for in-person, online and mobile transactions, aimed at streamlining operations, supporting cash flow and enhancing customer experience. Vendor management and procurement integrity are among the most critical and vulnerable functions within the... BankNewport has long offered merchant services to help local companies accept payments securely and efficiently. The new partnership expands the bank's merchant services with Green PayTech's platform, offering advanced point-of-sale systems, contactless and online payment options, transparent pricing and local support. - Advertisement - John Sweeney, vice president and director of cash management at BankNewport, said the collaboration strengthens the bank's ability to deliver secure, innovative and cost-effective payment solutions to business clients. "Supporting local businesses is at the heart of what we do," Sweeney added. The updated offering is available immediately to BankNewport business clients. Matthew McNulty is a PBN staff writer. He can be reached at [email protected] or on X at @MattMcNultyNYC.

Providence Business News
Mar 3rd, 2026
BankNewport donates $1.75M, 10K volunteer service hours to R.I. in 2025

BankNewport donates $1.75M, 10K volunteer service hours to R.I. in 2025. 03/02/2026 NEWPORT - BankNewport reported more than $1.75 million in philanthropic giving across Rhode Island in 2025, alongside 10,000 volunteer service hours logged by employees for the third consecutive year. The Newport-based community bank said its charitable grants, sponsorships, branch donations and contributions supported more than 500 organizations statewide. Funding focused on four key areas: basic human needs, educational success, arts and culture, and healthy lives and thriving communities, the bank said. Women's health is not static. It evolves with us - through our teens, childbearing years, midlife, menopause,... Employee engagement remained a centerpiece of the effort, with 85% of staff participating in volunteer initiatives ranging from board service to financial education. "Supporting our neighbors is at the heart of who we are as a community bank," said Jack Murphy, CEO and president of BankNewport. "As we reflect on the past year, many of our neighbors continue to face difficulties. BankNewport is extremely proud to partner with hundreds of nonprofits who work tirelessly to provide safe housing, offer pathways to employment, strengthen financial confidence, and ensure access to healthy food and vital services. These partnerships reflect our shared commitment to building stronger, more connected communities, and we remain dedicated to helping Rhode Island families thrive." - Advertisement - Among the key funding initiatives were hunger relief partnerships with the East Bay Food Pantry, North Kingstown Food Pantry, Central Falls Foundation for its Mobile Food Pantry, and the Rhode Island Community Food Bank. The bank also supported the Central Falls Children's Foundation, Jamestown Community Farm and the Gloria Gemma Breast Cancer Resource Foundation. Through BNWise, its financial education initiative, the bank delivered budgeting, savings, homeownership readiness and credit workshops to more than 2,000 students and community members through in-person and virtual presentations. BankNewport's "Kind Souls, Full Bowls" campaign collected more than 500 nonperishable food items for Operation Stand Down Rhode Island. Employees also partnered with A Bed for Every Child to assemble 10 beds for families served by Crossroads Rhode Island. Beyond its community investments, the 207-year-old institution also earned workplace recognition in 2025. BankNewport was again named one of the "Best Banks to Work For" by American Banker and received both a Healthiest Employer of Rhode Island award and an Exemplary Worksite Health Award for its Vitality Wellness Program. The bank also marked the 10th anniversary of its paid internship program, which has hosted more than 95 interns since 2015 as part of its broader talent development strategy, it said. Matthew McNulty is a PBN staff writer. He can be reached at [email protected] or on X at @MattMcNultyNYC.

Providence Business News
Dec 16th, 2025
BankNewport promotes Erin Lynch to vice president, commercial operations manager

BankNewport promotes Erin Lynch to vice president, commercial operations manager. NEWPORT - BankNewport has promoted Erin Lynch to vice president and commercial operations manager, the bank recently announced. Lynch, who has been with the bank for more than 13 years, has held several leadership positions on the Commercial Banking team, most recently serving as assistant vice president and commercial operations manager. The Amgen Foundation is guided by the belief that all students should have the opportunity... In her new role, Lynch will oversee the bank's end-to-end commercial loan operations, including documentation, compliance and regulatory workflows for BankNewport's commercial business line, the bank said. The Portsmouth resident is a graduate of Manhattan University, where she earned a bachelor's degree in international studies with a concentration in Africa and the Middle East. Lynch is also active in the community as a member of Tropigals, a vintage dance troupe that performs at local events. Matthew McNulty is a PBN staff writer. He can be reached at [email protected] or on X at @MattMcNultyNYC.

Providence Business News
Sep 16th, 2025
BankNewport grant powers solar upgrade at student-run AgInnovation Farm

BankNewport grant powers solar upgrade at student-run AgInnovation Farm.

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