BankNewport Celebrates New Community Lending Center with Award to LISC Rhode Island

CENTRAL FALLS, R.I.  BankNewport celebrated the opening of its new Community Lending Center in Central Falls at 757 Broad Street with an official ribbon cutting ceremony on May 16th. BankNewport President and CEO Jack Murphy presided over the ceremony with City of Central Falls Mayor Maria Rivera, BankNewport Board Chairman Peter Capodilupo; Local Initiatives Support Corporation (LISC) Senior Executive Director, Jeanne Cola; Northern Rhode Island Chamber of Commerce President and CEO Elizabeth (Liz) Catucci, and several other guests in attendance.

"We're delighted to mark the official opening of our Community Lending Center," said Jack Murphy, President & CEO, BankNewport. “We look forward to continuing our role as a true community partner and neighbor to area residents and businesses, offering fast, efficient borrowing opportunities through our new Central Falls office.”

Jeanne Lapak, Executive Vice President/Chief Commercial Officer, BankNewport; Gregory Derderian, Executive Vice President, Chief Financial Officer and Director of Strategic Analysis, BankNewport; James Wright, BankNewport Board Member; Peter Capodilupo, Chairman of the Board, BankNewport Board of Directors; Jeanne Cola, Senior Executive Director, Local Initiatives Support Corporation (LISC); Jack Murphy, President & CEO, BankNewport; Mayor Maria Rivera, City of Central Falls; Elizabeth (Liz) Catucci, President & CEO, Northern Rhode Island Chamber of Commerce; Hollie Lussier, Executive Vice President, Chief Legal and Risk Officer, BankNewport; and Mary Leach, Chief Retail Banking and Lending Officer, BankNewport.

“I’d like to wish BankNewport a warm welcome to Central Falls! This new Community Lending Center will help make important local lending resources available to our families and small businesses,” said Central Falls Mayor Maria Rivera. “Our city has been working hard to invest in strengthening both home and business opportunities available here in Central Falls, and BankNewport's new Community Lending Center will help provide bilingual support to our community seeking mortgages, business banking products, and more, keeping that momentum moving forward.”

BankNewport’s new Community Lending Center provides current and prospective customers with expedient borrowing opportunities on a full range of residential mortgage and business banking products, including Equity Builder, Fannie Mae’s Home Ready program, Rhode Island Housing first time homeowner programs, and Federal Housing Administration programs. 

Peter Capodilupo, Chairman of the Board, BankNewport Board of Directors; Jeanne Cola, Senior Executive Director, Local Initiatives Support Corporation (LISC); Jack Murphy, President & CEO, BankNewport; Mayor Maria Rivera, City of Central Falls; and James Wright, BankNewport Board Member.

A well-versed team of advisors, including a community development lending officer, residential mortgage loan officers and a full-time loan processor, are based at the new Community Lending Center. Borrowers can schedule an appointment with a bilingual lending officer, complete the application on site, and may also receive an initial loan pre-approval.

As part of the celebration of the new Community Lending Center, BankNewport announced a new partnership with LISC and provided $250,000 in funding to support the organization’s mission to make quality affordable housing available for low income and vulnerable residents in underserved communities. 

“Bank Newport is truly a champion for Rhode Island and a strong corporate partner,” said Jeanne Cola, Senior Executive Director for the Local Initiatives Support Corporation (LISC) Rhode Island. “We are enormously grateful for their partnership and this commitment to flexible funding for the creation of safe, affordable housing in our State. This will allow LISC to leverage national resources and federal funding and invest in homes for Rhode Islanders. In the past 18 months alone, we’ve been able to provide a 10-fold leverage on funding from local partners. The grant from BankNewport will allow LISC to support affordable housing when and where it’s needed most.”

BankNewport also announced its new “HOME HAPPENS” mortgage loan program. This product provides applicable borrowers with access to higher loan-to-value options, discounted fixed rates, without the requirement for Private Mortgage Insurance, and waives fees such as appraisal, flood certification, and credit reporting. Home Happens is available for one to four family primary residences located in majority-minority census tracts.

The opening of the Community Lending Center in Central Falls adds to BankNewport’s expanding footprint in Providence County, which also includes a lending office in downtown Providence adjacent to its Dorrance Street branch. 

For more information about BankNewport’s Central Falls Community Lending Center contact (401) 619-5494 or visit www.banknewport.com.