Banking on the community

CEO (or equivalent): Sandra J. Pattie, CEO and president

2015 Revenue: $62,527,542

2013 Revenue: $53,149,200

Revenue growth: 18%

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For nearly 200 years now, BankNewport has been meeting the needs of its customers.

“BankNewport is a retail bank with a focus on small businesses,” said Sandra J. Pattie, CEO and president. “As a mutual bank, meaning we do not have any stockholders, we have been able to focus on a long-term business plan which includes being an economic engine for growth in Rhode Island.”

With the technology, human capital and expertise to support a much larger loan and deposit portfolio, Pattie says the bank launched a multiyear strategy in 2012 designed to grow and transform its balance sheet.

The results of the effort, she says, speak for themselves.

“Assets have grown by $231 million (20 percent) in those three years, while revenues increased by 18 percent to $63 million,” Pattie said. “Our vision is to be Rhode Island’s No. 1 community bank focusing on the financial goals of our customers, rather than shareholders, who may have never stepped foot in our great state.”

Recently, BankNewport financed the new $21 million, 143-room Cambria Suites Hotel and Conference Center project in Middletown. The banquet/conference center is open, and the hotel will open by year’s end.

“BankNewport has had a niche for many years serving the hospitality industry’s banking needs,” Pattie said. “We know and understand the industry.” •

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