BANKNEWPORT ANNOUNCES PURCHASE OF JUSTBOATLOANS

NEWPORT, RI (May 1, 2019) – BankNewport announced today that it has purchased the assets of JustBoatLoans (JBL) by Vertisol, Inc., a marine service company specializing in consumer marine and recreational vehicle financing programs. JBL will operate under the Marine and Recreational Lending Division of BankNewport.

Headquartered in Severna Park, Maryland, JBL provides 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. The transition of JBL from a privately owned boat loan origination company to BankNewport expands the resources, products, and services available to JBL clients, including marine-related insurance products and banking products.

“The JBL acquisition presents a strategic expansion opportunity for BankNewport,” stated BankNewport Executive Vice President, Chief Operating Officer, Leland R. Merrill. “We’re excited to deliver an even stronger marine and recreational financing experience for our Bank and JBL customers, maximizing our leadership position in this key sector of the boating industry.”

In addition to its own lending capabilities, BankNewport works with a variety of national marine and recreational lending institutions, enhancing their capacity to offer competitive rates, flexible terms, and specialized attention throughout the boat financing process.

BankNewport will retain JBL’s long-standing presence in Severna Park, Maryland, along with offices in the Eastern Shore of Maryland and in Virginia Beach, Virginia.

The former owner of JBL, Larry Reagan, has joined BankNewport as Senior Vice President, Director of Marine and Recreational Lending. With over 30 years of extensive experience in the marine and recreational lending arenas, Reagan previously served as a principal in National Horizon, Inc. and as a senior executive with such marine lending firms as Yegen Marine, First New England Financial, and the Chase Manhattan Leasing Company.

Along with Larry Reagan, the JBL team members have been welcomed into the BankNewport and OceanPoint Insurance employee family.

“The entire JBL staff is excited about our transition to the BankNewport Marine and Recreational Lending Division,” stated Larry Reagan. “Our association will allow JBL to continue and expand its industry-leading capabilities of offering the most competitive and innovative Marine and RV finance programs to our customer base while simultaneously providing professional and mutually beneficial results to our Correspondent Lender base. We enthusiastically look forward to working together with BankNewport to enhance the overall Boat and RV purchase process for our valued clients.”

About JBL
JustBoatLoans (JBL) is a national marine service company specializing in consumer marine and recreational vehicle financing programs. In May of 2019, JBL became a Division of BankNewport. The transition of JBL from a privately owned boat loan origination company to Bank ownership vastly expands the resources, products, and services available to JBL customers. In addition to its own lending capabilities, JBL works with a variety of national lending institutions, enhancing their capacity to offer competitive rates, flexible terms, and specialized attention throughout the financing process.

About BankNewport
Founded in 1819 and headquartered in Newport, Rhode Island, BankNewport offers a full suite of loan and deposit products and services for families and businesses throughout Rhode Island. With 17 banking offices and $1.6 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.

About OceanPoint Insurance Agency
Headquartered in Middletown, Rhode Island, OceanPoint Insurance Agency, Inc., a BankNewport subsidiary, is a Trusted Choice independent insurance agency that provides a broad range of property casualty insurance products, including all types of marine-related insurance products. Tracing its roots back to 1863, OceanPoint Insurance is proud to serve the needs of clients from four full-service offices located in Middletown, Barrington, Coventry and Tiverton, Rhode Island, forming one of the largest independent insurance agency operations in southeastern New England.

For More Information, Please Contact:

Kathleen Charbonneau
Vice President/Community Relations
(401) 845-8673
Kathleen.Charbonneau@banknewport.com