BankNewport Announces Purchase of JustBoatLoans
GoLocalProv Business Team
BankNewport Announces Purchase of JustBoatLoans
“The JBL acquisition presents a strategic expansion opportunity for BankNewport. 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,” said BankNewport Executive Vice President, Chief Operating Officer, Leland R. Merrill.
JBL will operate under the Marine and Recreational Lending Division of BankNewport.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“The entire JBL staff is excited about our transition to the BankNewport Marine and Recreational Lending Division. 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,” said former JBL owner Larry Reagan.
The Purchase
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.
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.
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