Centreville Bank

What Centreville Bank does

Centreville Bank is a full-service mutual community bank founded in 1828 in West Warwick, Rhode Island, and operating as a Mutual Holding Company since August 19, 2025. As of February 2026 it holds over $3 billion in assets and operates 25 branch locations across Rhode Island (15) and eastern Connecticut (10), supported by Interactive Teller Machines with live video banker support, online and mobile banking applications for iOS and Android, a SUM-network ATM footprint, and bilingual staff at key branches. Its product suite spans personal banking (checking tiers including Personal Plus and Personal Premium, savings, IRAs, CDs, mortgages, home equity, debit and credit cards, uChoose Rewards) and commercial banking (business checking and savings, commercial mortgages, term loans, lines of credit, SBA 504 loans with $5.5M originations in FY2024, cash management, and government/municipal banking). The bank also operates the PASO (Providing Access to Secure Ownership) mortgage for low-to-moderate income borrowers and co-branded products such as the RIFC Chip Card with Rhode Island FC.

Centreville Bank's revenue is generated primarily through net interest income on loans and deposits, supplemented by transaction-based fee streams (deposit account maintenance, ATM and wire fees, overdraft, card interchange, loan origination fees, and SBA 504 servicing). The bank pursues a hybrid relationship-and-channel go-to-market: physical branches and ITMs anchor local relationship banking in Rhode Island and eastern Connecticut, while digital platforms serve as the self-serve channel for existing account holders; marketing leverages community sponsorships (e.g., Centreville Bank Stadium naming rights), employer partnerships (including CCRI's Banking Micro-Pathway), social media, financial education content, and substantial earned media including Forbes #1 Best-In-State Bank in Rhode Island 2026, Financial Times Americas' Fastest Growing Companies 2026, and multiple workplace award programs.

The bank serves individual consumers, families, small and medium businesses, commercial real estate developers, government and municipal entities, and nonprofit organizations, with deeper specialization in low-to-moderate-income home lending and Hispanic/Latino community banking supported by bilingual representatives and the National Association of Hispanic Real Estate Professionals partnership. The Centreville Bank Charitable Foundation, established in 2008, has delivered over $10 million in cumulative charitable giving, $2 million in 2025 alone, including scholarship programs that funded a record $67,500 to 18 students in 2026. Past M&A includes the 2019–2020 acquisition of Putnam Bank, which seeded the eastern Connecticut footprint and is retained as a brand under wholly-owned subsidiary structure.

Name

Centreville Bank

Legal name

Centreville Bank

Website

https://centrevillebank.com

Company type

Private

Founded year

1828

Operating status

Operating

Headcount range

251–500 employees

Short description

Centreville Bank is a mutual community bank founded in 1828, headquartered in West Warwick, Rhode Island, serving consumers, small and medium businesses, government entities, and nonprofits across 25 branches in Rhode Island and eastern Connecticut with deposits, lending, and digital banking services.

Ownership category

akta.pro rank

Headquarters

HQ city

West Warwick

HQ country

United States

HQ region

North America

Offices23 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: Interest earned on loans (mortgages, commercial loans, consumer loans) minus interest paid on deposits. Primary revenue driver for the mutual bank.
2. Non-Interest Income: Fees from deposit accounts (monthly maintenance, ATM fees), credit card programs (uChoose Rewards), and other banking service charges.
3. Service Charges and Fees: Various banking service fees including wire transfers, overdraft protection, and account services.
4. Loan Origination and Servicing: Revenue from originating mortgages, commercial loans, and SBA loans including the SBA 504 program.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels5 records

Core offering

Centreville Bank is a full-service mutual bank offering personal banking (checking, savings, CDs, IRAs, mortgages, home equity, debit/credit cards), commercial banking (business loans, commercial real estate lending, SBA 504 loans, cash management), and government/municipal banking through 25 branch locations across Rhode Island and eastern Connecticut, supplemented by online and mobile banking platforms. The bank also operates the PASO mortgage product serving low-to-moderate income buyers and manages the Centreville Bank Charitable Foundation for community giving.

Product overview

Centreville Bank is a full-service mutual bank offering a unified platform of personal and commercial banking products and services. The personal banking suite includes various checking account tiers (Personal Plus Checking, Personal Premium Checking), savings products (High Yield Savings, IRAs, CDs including a 15-Month CD Special), mortgages (including the PASO sub-brand for low-to-moderate income buyers), home equity products, debit/credit cards (including the RIFC Chip Card co-branded with Rhode Island FC), and digital banking via online and mobile platforms. The commercial banking division provides business checking and savings, commercial lending (including SBA 504 loans), commercial mortgages, cash management services, and specialized government banking. Additional offerings include uChoose Rewards for debit card points, Interactive Teller Machines for extended-service banking, and the Charitable Foundation for community giving. All services are supported by financial education tools and calculators.

Differentiator

Problem solved

Functional benefit

Brands

• Centreville Bank Charitable Foundation: Nonprofit charitable foundation established in 2008 to support community-based organizations in Rhode Island and Eastern Connecticut, focusing on education success, economic security, and capacity building.
• PASO (Providing Access to Secure Ownership)
• RIFC Chip Card

Products and services

• Personal Banking Personal banking services including checking accounts, savings accounts, debit cards, credit cards, mortgages, home equity products, and online/mobile banking for individual consumers and families in Rhode Island and eastern Connecticut.
• Commercial Banking Business banking services including business checking, savings, business loans, commercial mortgages, commercial lines of credit, commercial term loans, SBA 504 loans, business debit/credit cards, and cash management services for small and medium businesses, commercial real estate developers, and government entities.
• Personal Plus Checking Tiered personal checking account requiring $25 to open with a $10 monthly fee, waived with direct deposits totaling $250+ per cycle or automatic payment to a Centreville Bank HELOC/HEL. Includes domestic ATM fee avoidance, rate reductions on home equity products, and $300 closing cost credit on mortgages.
• Personal Premium Checking Premium tier checking account requiring $100 to open with a $25 monthly fee (waived with $25,000+ combined balance). Includes ATM fee reimbursement, $500 closing cost credit on mortgage, 0.25% rate reduction on home equity, early direct deposit, interest on $100+ balance, and premium CD/IRA rates.
• Individual Retirement Accounts (IRAs) Traditional and Roth IRA options with tax-advantaged retirement savings, including catch-up contributions for account holders 50 and older.
• 15-Month CD Special Certificate of Deposit offering 3.50% APY for a 15-month term, requiring either a Personal Premium Checking or Money Market account to qualify for the promotional rate. $10,000 minimum New Money required; regular 15-month CD APY available without a premium account. Early withdrawal penalties apply.
• High Yield Savings Account Tiered high-yield savings account earning up to 2.50% APY for balances of $100,000 or more; tiered APY structure across three balance tiers. $10,000 New Money minimum to open; $5 monthly fee waived with $1,000 minimum daily balance.
• PASO (Providing Access to Secure Ownership) Mortgage Residential mortgage product designed for low-to-moderate income borrowers in Rhode Island and eastern Connecticut, offering 100% financing, competitive fixed rates (6.000% rate / 6.869% APR), potential PMI waiver, and a minimum FICO of 680 for purchase or refinance of a primary residence.
• Home Equity Lines & Loans Home equity lines of credit and home equity loans offered to personal banking customers, with rate reductions available for Personal Plus and Personal Premium Checking account holders.
• SBA 504 Loans Small Business Administration 504 loans for commercial real estate and equipment financing through the SBA's certified development company program. Centreville Bank has been the top SBA 504 third-party lender in Rhode Island for three consecutive years (2022-2024).
• Cash Management Services Commercial cash management services enabling business customers to manage cash flow, optimize liquidity, and handle receivables and payables processing.
• Government Banking Specialized banking services for government and municipal entities including government receivables management, government liquidity management, government payables management, and government visibility and treasury access controls.
• RIFC Chip Card Co-branded debit card with Rhode Island FC offering uChoose Rewards bonus points, priority stadium access, and game day advantages for Centreville Bank Stadium soccer fans.
• Online Banking Platform Web-based banking platform providing account management, bill pay, account services access, and banking tools available 24/7 to Centreville Bank customers.
• Mobile Banking Applications Mobile banking apps available on iOS and Android enabling account access, mobile check deposit, bill pay, transfers, and account alerts.
• Interactive Teller Machines (ITMs) Video-enabled teller machines allowing customers to conduct transactions beyond regular branch hours with assistance from live bankers via video chat.
• Centreville Bank Charitable Foundation Nonprofit charitable foundation providing grants, sponsorships, and college scholarships to community organizations in Rhode Island and eastern Connecticut, focusing on education success, economic security, and capacity building.

Quantifiable outcome

• Ranked #1 Forbes Best-In-State Bank in Rhode Island 2026
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature1 record

Partnerships

Seven partnerships are on record, tiered minor and core.

• Project GOAL Inc. and U.S. Soccer FoundationminorStrategic or Co-development Partner · 1 March 2026Multiyear investment to fund construction of two double mini-pitch soccer courts in Pawtucket and Woonsocket, Rhode Island. Part of broader efforts to expand youth soccer access ahead of the 2026 FIFA World Cup.
• Junior Achievement of Rhode IslandminorStrategic or Co-development Partner · 1 February 2026$25,000 grant to fund financial literacy and career-readiness education programs in 25 classrooms statewide. 18 Centreville Bank employees participated in JA in a Day program.
• General Treasurer DiossaminorStrategic or Co-development Partner · 1 December 2025Partnership to launch RI AnchorHome Loan Program, an initiative to expand affordable housing access in Rhode Island.
• Community College of Rhode Island and Education Design LabminorStrategic or Co-development Partner · 1 October 2025Banking Micro-Pathway program - 15-week part-time hybrid curriculum preparing students for banking careers. Founding partners include Citizens Financial Group, Bank of America, Centreville Bank, Washington Trust, and BankForward, with additional support from BankNewport and Rhode Island Bankers Association Foundation.
• Rhode Island FCcoreGTM or Marketing Partner · 8 April 2025Long-term naming rights agreement for Centreville Bank Stadium, home of Rhode Island Football Club. Exclusive banking partner of the professional soccer team. Logo placement on team kit sleeve.
• United Way of Rhode IslandminorStrategic or Co-development Partner · 1 September 2024Paola Fernandez, SVP Community Development Officer, appointed Chair of United Way of RI Board of Directors. Partnership includes BankForward initiative for workforce development in low-moderate income communities.
• H.O.P.E, Inc.minorStrategic or Co-development Partner · 1 March 2024$100,000 investment in affordable housing project in New London, Connecticut supporting housing development initiatives.

Scale indicators13 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Eastern Bank: Large New England community bank (former mutual) providing retail, commercial, and wealth services. Closely comparable product set and regional footprint.
• HarborOne Bank: Massachusetts and Rhode Island community bank (acquired BankNewport in 2024) with retail, small business, and commercial lending. Direct competitor in the RI/CT/MA market.
• Brookline Bancorp (Brookline Bank): Greater Boston community bank with retail deposits, commercial lending, and SBA programs. Similar asset size, community focus, and CRE/SBA lending exposure.
• Cape Cod Five Cents Savings Bank: Mutual savings bank serving Massachusetts with retail, mortgage, and small business banking. Comparable community-bank model and scale to Centreville.
• Washington Trust Company: Public Rhode Island-based community bank offering retail, commercial, and wealth management services. Closest direct peer by geography, product set, and customer segments.
• Berkshire Hills Bancorp (Berkshire Bank): New England-focused community bank with retail and commercial banking, including SBA and CRE lending. Comparable size, footprint, and lending mix to Centreville.
• Rockland Trust (INDB): Massachusetts-based community bank offering personal and business banking, mortgages, and SBA lending. Highly comparable in scale, product mix, and community-bank positioning.

Broad incumbents

• Citizens Financial Group: Rhode Island-headquartered super-regional bank with full retail, commercial, and wealth offerings. Overlaps Centreville in RI/MA/CT but operates at much greater scale and product breadth.
• Santander Bank (US): Major retail and commercial bank with significant New England presence, including Rhode Island. Competes for the same retail and small-business customers from a much larger base.
• Bank of America: National bank with extensive Rhode Island and Connecticut branch and ATM presence. Sets competitive baseline on digital services, deposit pricing, and small-business banking.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights8 records

Customer concentration

• YouTubeyoutube.com/user/centrevillebankri
• Facebookfacebook.com/centrevillebank
• LinkedInlinkedin.com/company/centreville-bank
• Instagraminstagram.com/centrevillebank

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments17 records

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

Frequently asked questions about Centreville Bank