BankNewport

What BankNewport does

BankNewport is a 207-year-old mutual community bank headquartered in Middletown and Newport, Rhode Island, operating under the OceanPoint Financial Partners, MHC mutual holding company. As of 2025 the institution reported $3.0 billion in total assets, 19 branch locations across Rhode Island, and 251-500 employees, serving individual consumers, small-to-mid-sized businesses, nonprofits, and recreational lending customers nationally via its OceanPoint subsidiaries. The bank operates OceanPoint Funding (recreational lending, formed in 2025 via the acquisition of Lending Associates), OceanPoint Marine Lending, and OceanPoint Investment Solutions for wealth management.

The core product portfolio spans personal and business deposit accounts (checking, savings, CDs), full-spectrum lending (mortgages, home equity, commercial and SBA 7(a)/504 loans, recreational), credit cards, and a digital banking platform delivered through iOS/Android apps and online banking. Business cash management is anchored by Positive Pay fraud protection, ACH origination, Remote Deposit Capture, Lockbox Services, merchant services through Green PayTech, instant payments via RTP and FedNow Networks up to $10 million, payroll via Auris, ZEscrow digital escrow, and zero-balance/line-of-credit sweeps. Technology differentiators include Personal Teller Machines (PTMs) combining ATM functionality with live video banker support, free credit score monitoring, MX Money Management, and Zelle integration, positioned under a 'Your Anytime, Anywhere Bank' branding.

Revenue is generated primarily through net interest income on the loan portfolio (mortgages, commercial, SBA, home equity, recreational), net of deposit interest expense, supplemented by fee-based services including service charges, merchant services, cash management, payroll referral income, and wealth management fees from OceanPoint Investment Solutions. BankNewport's go-to-market combines retail branch banking, relationship-based commercial lending, digital self-serve account opening, and community engagement (SHOP401 local commerce initiative, BNWise financial education, $1.75M+ in annual charitable giving, 10,000+ employee volunteer hours). Mutual ownership and FDIC insurance anchor a community-mission positioning that differentiates the bank from both large national competitors and other regional institutions operating in Rhode Island.

Name

BankNewport

Legal name

BankNewport

Website

https://banknewport.com

Company type

Private

Founded year

1819

Operating status

Operating

Headcount range

251–500 employees

Short description

BankNewport is a 207-year-old Rhode Island mutual community bank operating under OceanPoint Financial Partners MHC, offering deposits, mortgages, commercial and SBA lending, wealth management, and cash management to consumers and small-to-mid-sized businesses through 19 branches, PTMs, and digital banking, with $3.0 billion in total assets.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Branch & In-Person Banking (Teller/ATM Networks) (FSABAAAE), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Community banking
• Commercial lending
• SBA loans
• Cash management
• Mortgage lending

Headquarters

HQ city

Middletown

HQ country

United States

HQ region

North America

Offices22 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income: Interest earned on loan portfolio including mortgages, commercial loans, consumer loans, and home equity products
2. Deposit Interest Expense: Interest paid to depositors on checking, savings, CDs, and other deposit accounts
3. Fee-based Services: Non-interest income from service charges, ATM fees, wire transfers, merchant services, cash management fees, and credit card income
4. SBA Lending: Small Business Administration lending including 7(a) and 504 programs with government guarantee backing

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels9 records

Core offering

BankNewport is a community bank that accepts deposits and extends credit to consumers and businesses in Rhode Island. It provides personal checking, savings, and CDs, mortgages and home equity loans, business checking/savings, commercial and SBA loans, credit cards, cash management, merchant services, instant payments, payroll, and wealth management through subsidiary OceanPoint Investment Solutions. Service is delivered through 19 branches, video-based Personal Teller Machines, a mobile app, and digital account opening.

Product overview

BankNewport is a community bank headquartered in Newport, Rhode Island, offering a comprehensive suite of banking products through both physical branches and digital channels. The core product portfolio spans personal and business deposit accounts (checking, savings, CDs), diverse lending products (mortgages, home equity, commercial loans, SBA lending, recreational loans), credit cards, investment services, and cash management solutions. Digital banking is delivered through online and mobile platforms integrated with third-party services including MX Money Management for financial wellness, Zelle for P2P payments, and Auris for payroll services. Business cash management includes Remote Deposit Capture, Lockbox Services, Merchant Services via Green PayTech, Instant Payments (RTP/FedNow), Positive Pay fraud protection, and ZEscrow. The bank operates OceanPoint Investment Solutions for wealth management and OceanPoint Marine Lending for recreational financing. Community-focused initiatives include SHOP401 local business support and BNWise financial education programs.

Differentiator

Problem solved

Functional benefit

Brands

• OceanPoint Financial Partners, MHC: Mutual holding company that is the parent organization of BankNewport.
• SHOP401
• MX Money Management

Products and services

• Personal Checking and Savings Personal deposit accounts including checking, savings, and CDs designed for individual banking needs with digital access through online and mobile banking.
• Business Checking and Savings Business deposit accounts including checking, savings, and CDs with features for business banking needs including digital account opening.
• Credit Cards Credit card products for personal and business banking customers with mobile access through the BankNewport app.
• Mortgages Home mortgage lending products including purchase and refinance options, with contact options through loan officers.
• Home Equity Loans and Lines of Credit Home equity financing options allowing customers to access their home's equity for various purposes including improvements and debt consolidation.
• Business and Commercial Loans Commercial lending products including term loans, commercial real estate loans, business lines of credit, and SBA loans.
• Small Business Lending (SBA) SBA lending programs including 7(a) and 504 loans for small business financing needs.
• Recreational Loans Loans for recreational vehicles and marine equipment, offered through OceanPoint Marine Lending division.
• Cash Management Business cash management services including ACH origination, wire transfers, Positive Pay fraud protection, receivables management, and liquidity management.
• Remote Deposit Capture Service allowing businesses to deposit checks remotely from their office with scanners, offering next-day availability and QuickBooks/Excel compatible reporting.
• Lockbox Services Payment collection service where customers send payments to a dedicated PO Box for processing and same-day deposits.
• Merchant Services Payment processing solutions through Green PayTech partnership offering POS systems, PCI-compliant processing, and online/mobile payment solutions.
• Instant Payments (RTP/FedNow) Instant payment transactions through RTP and FedNow Networks up to $10 million for immediate fund transfers.
• Payroll Services Full-service payroll solution through Auris partnership including processing, real-time reporting, employee self-service, and automated tax filing.
• Zero Balance Account Account management solution where subsidiary accounts maintain zero balance with automatic fund sweeping to/from master account.
• ZEscrow Digital escrow and subaccounting platform for businesses to manage escrow accounts online, designed for landlords, law firms, healthcare, municipalities, real estate, nonprofits, and transportation.
• Line of Credit Sweeps Automated credit line management including loan pay down and two-way loan sweep options for business liquidity management.
• Positive Pay Fraud protection tool verifying every payment against issued lists and flagging suspicious transactions for check and ACH fraud mitigation.
• Investment Services Wealth management and investment products through OceanPoint Investment Solutions, with advisors growing accounts by 27% in 2025.
• Digital Banking Online and mobile banking platform providing real-time account access, bill pay, account management, and integration with Zelle and MX Money Management.
• Mobile Banking App Mobile application available on iOS and Android providing banking services, account access, mobile deposits, and access to integrated services like Zelle and MX.
• Personal Teller Machine (PTM) Video-enabled ATM combining standard ATM functionality with live banker support for deposits, withdrawals, transfers, and payments with extended hours.
• Digital Account Opening Online platform for opening personal checking, business checking, personal CDs, and business CDs without branch visit, supporting the 'Your Anytime, Anywhere Bank' positioning.

Quantifiable outcome

• Rhode Island #1 SBA Lender in 7(a), 504, and Combined Dollar Volume for FY2025
• +2 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature6 records

Partnerships

15 partnerships are on record, tiered core and minor.

• Green PayTechcoreTechnology or Integration · 1 April 2026Merchant services partnership providing expanded payment processing solutions for BankNewport business customers. Includes transparent pricing, advanced POS systems, PCI-compliant processing, online/mobile/contactless payments, and dedicated local support.
• Education Design LabminorStrategic or Co-development PartnerCollaborated on Banking Micro-Pathway program with Community College of Rhode Island to prepare students for banking careers through 15-week hybrid curriculum. Founding partner supporting skills development for banking professionals.
• Auris (formerly Heartland)coreTechnology or IntegrationPayroll services partnership providing full-service payroll solution through Auris platform. Includes accurate payroll processing, real-time reporting, employee self-service, and automated tax filing for BankNewport business customers.
• Salve Regina UniversityminorStrategic or Co-development PartnerSponsor of university health and wellness mobile outreach program bringing healthcare education to Rhode Island communities. Program recognized with Health Care Heroes Award for reaching underserved populations.
• Harvard Pilgrim Health CareminorStrategic or Co-development PartnerCo-sponsor with Tufts Health Plan of Salve Regina University mobile health unit program providing healthcare education and preventive screenings across Rhode Island.
• Tufts Health PlanminorStrategic or Co-development PartnerCo-sponsor with Harvard Pilgrim Health Care of Salve Regina University mobile health unit program.
• Citizens Financial GroupminorStrategic or Co-development PartnerFounding partner in Banking Micro-Pathway program alongside Education Design Lab, Bank of America, Centreville Bank, Washington Trust, BankForward, and Rhode Island Bankers Association Foundation.
• Bank of AmericaminorStrategic or Co-development PartnerFounding partner in Banking Micro-Pathway program alongside Education Design Lab, Citizens Financial Group, Centreville Bank, Washington Trust, BankForward, and Rhode Island Bankers Association Foundation.
• Centreville BankminorStrategic or Co-development PartnerFounding partner in Banking Micro-Pathway program alongside Education Design Lab, Citizens Financial Group, Bank of America, Washington Trust, BankForward, and Rhode Island Bankers Association Foundation.
• Washington TrustminorStrategic or Co-development PartnerFounding partner in Banking Micro-Pathway program alongside Education Design Lab, Citizens Financial Group, Bank of America, Centreville Bank, BankForward, and Rhode Island Bankers Association Foundation.
• BankForwardminorStrategic or Co-development PartnerFounding partner in Banking Micro-Pathway program alongside Education Design Lab, Citizens Financial Group, Bank of America, Centreville Bank, Washington Trust, and Rhode Island Bankers Association Foundation.
• Rhode Island Bankers Association FoundationminorStrategic or Co-development PartnerFoundation partner supporting Banking Micro-Pathway program alongside Education Design Lab, Citizens Financial Group, Bank of America, Centreville Bank, Washington Trust, and BankForward.
• Capital Good FundminorGTM or Marketing PartnerGrant recipient providing Financial and Health Coaching Program for 10 low- to moderate-income households in Rhode Island. Program has received over $75,000 in cumulative funding from BankNewport.
• Gloria Gemma Breast Cancer Resource FoundationminorGTM or Marketing PartnerReceived $50,000 grant for Cancer Survivorship and Wellbeing Center in Lincoln. BankNewport recognized as member of Center's Founders' Circle for supporting cancer survivors and families.
• OceanPoint Financial Partners MHCcoreOthersMutual holding company parent of BankNewport. Total assets reached $3.0 billion. Also parent of OceanPoint Funding, Inc. specializing in recreational lending.

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Regional players

• Berkshire Hills Bancorp: New England regional bank holding company with community-banking franchise, commercial lending, and wealth management. Similar size band and deposit-funded lending model.
• Bristol County Savings Bank: Massachusetts-based mutual savings bank serving southeastern New England with similar personal/business banking and lending products. Comparable mutual structure and community focus.
• Brookline Bancorp: New England multi-bank holding company providing community banking, commercial real estate lending, and wealth management. Comparable in scale and regional community-banking model.
• Rockland Trust: Massachusetts-based community bank (subsidiary of Independent Bank Corp) of similar size offering personal/business banking and SBA lending. Comparable business model and community-bank positioning in a neighboring New England state.

Direct peers

• Eastern Bank: Massachusetts-based mutual community bank, one of the largest in the U.S., offering consumer and business banking, wealth, and commercial lending. Closely comparable mutual structure and New England community-banking orientation.
• Centreville Bank: Rhode Island-based community bank with similar branch footprint, deposit/lending products, and SBA/community focus. Closely comparable in scale and regional concentration.
• Washington Trust: Rhode Island's largest community bank and a fellow mutual holding company institution, offering personal and business banking, wealth management, and commercial lending across southern New England. Directly comparable in geography, mutual structure, and product mix.

Others

• Green PayTech: Merchant services partner providing payment processing to BankNewport business customers. Adjacent ecosystem participant rather than a competitor, included as a relevant technology partner.

Broad incumbents

• Bank of America: National incumbent with significant Rhode Island presence, offering consumer banking, mortgages, SBA lending, and digital capabilities at vastly greater scale. Co-partner with BankNewport in the Banking Micro-Pathway program.
• Citizens Financial Group: Large regional bank headquartered in Providence, RI, offering the full suite of consumer, commercial, and wealth products at much greater scale. Competes directly for the same Rhode Island consumer and SMB relationships.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/BankNewportRI
• Facebookfacebook.com/BankNewport
• LinkedInlinkedin.com/company/banknewport
• Instagraminstagram.com/banknewport

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments44 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BankNewport