BankNewport Opens At 1000 Division

The 13^th BankNewport location opened for business Friday morning at 1000 Division in East Greenwich.

Local officials were on hand for a traditional ribbon cutting at the 3,000-square-foot full service branch. 

Sandra J. Pattie, the president-elect, who has been with the bank for 28 years, said one of the things that sets the bank apart is they are a big mortgage originator in the state and service all of their own mortgages. 

“When people get a 30-year mortgage with us,” she said, “that means that for the next 30 years you can contact BankNewport with any questions.”

BankNewport is a mutual savings bank, which means they have no stockholders. Pattie said that allows them to make decisions based on long-term results, where the bank wants to be in the future and what is best for their customers.

Pattie says the biggest challenge to local banks is the interest-rate environment.  She says mortgages are at an all-time low, so once customers refinance at the lowest rate they’re not looking to move as quickly as they have in the past so the housing inventory doesn’t turn over as quickly. She added that current economic conditions make it a tough environment for their customers and the bank has various programs they hope can assist them if they are affected by hardships in the community.

In addition to community support programs, the bank gives employees a certain amount of paid time off to work with nonprofits, giving them a first hand look at community needs.

The East Greenwich branch manager is Walter Monroe.