NEWPORT, RI (September 3, 2019) – BankNewport announced today the expansion of its Marine Lending Division, leveraging its lending capabilities to offer a suite of competitive and innovative consumer marine and recreational vehicle financing programs. The announcement marks the formation of OceanPoint Marine Lending that will operate as a division of BankNewport.
Over the past year, BankNewport has maximized its strong position in the marine financing industry through the acquisition of two privately owned boat loan origination companies – JustBoatLoans (JBL) by Vertisol, Inc. earlier this year and Offshore Financial in April 2018. The acquisitions positioned the Bank to vastly expand its tailored finance programs for new and used boat purchases and refinancing options for existing boat loans, in addition to a variety of lending options for recreational vehicles, marine-related insurance products and banking products.
“OceanPoint Marine Lending signifies a continued investment in our business and a commitment to delivering an even stronger marine financing experience,” stated BankNewport Executive Vice President, Chief Operating Officer, Leland R. Merrill. “We’re excited by the growth opportunities to deepen relationships with our customers and offer specialized lending services in New England and along the entire East Coast to Florida.”
With over 30 years of extensive experience in the marine and recreational lending arenas, Larry Reagan, former owner of JBL, will lead the OceanPoint Marine Lending Division. He joined BankNewport in May as Senior Vice President, Director of Marine and Recreational Lending and will be responsible for the daily management, as well as strategic planning for this growing bank division.
“The merger of JustBoatLoans and Offshore Financial to form OceanPoint Marine Lending, a Division of BankNewport, has created a unique entity poised to provide the highest levels of professional service to the marine industry,” stated Larry Reagan. “With the market’s most
innovative and flexible finance programs combined with a seasoned team of motivated marine finance specialists, all supported by one of the nation’s oldest and most respected banks, OceanPoint Marine Lending is the boat buyer’s best choice for marine financing services. We stand ready to assist the industry’s dealer/broker network and their valued customers with all of their marine finance needs.”
For more information about OceanPoint Marine Lending, please contact (866) 530-6032 or visit www.oceanpointmarinelending.com.
Founded in 1819 and headquartered in Newport, BankNewport offers a full suite of loan and deposit products and services for families and businesses throughout Rhode Island. With $1.7 billion in assets, BankNewport is one of the oldest community banks in the United States and, as a mutual organization, is committed to the financial success of its customers, employees and communities. BankNewport has 17 branch locations, with commercial lending offices in Cumberland and Providence. The Bank’s 18th branch is anticipated to open in Johnston, Rhode Island later this fall.
BankNewport business lines include OceanPoint Marine Lending, specializing in consumer marine and recreational vehicle financing programs, and OceanPoint Insurance, a Trusted Choice independent insurance agency, providing a broad range of property casualty insurance products, including financial services and marine related insurance products.
Vice President/Community Relations