March 2014 
                         Our People, Our Products, Our Partnerships
In This Issue
Goals, Growth, and Gratitude

$100 Million Adds Up to Greater Advantages

Staying on the Cutting Edge in Manufacturing
Stay Connected
 
  
Located In:
* Greenville
* Cumberland
* East Providence 
Goals, Growth, and Gratitude
Anthony Botelho,
President and CEO

Freedom National Bank is proud to announce it has reached $100 million in assets, a major milestone for the community bank.
 
"We are grateful to all our customers who have helped us reach this milestone," said Anthony Botelho, President and CEO of Freedom National Bank. "Having reached this benchmark, we're positioned to provide more complex, sophisticated financing, while staying accessible to our customers."
 
Freedom National Bank was formed in 2001 to service the Rhode Island and nearby Southeastern Massachusetts business communities. Notwithstanding the "Great Recession," the bank showed moderate growth from 2001 to 2011. In 2012 and 2013 the bank enjoyed tremendous growth by remaining focused on its' Core Values: Customers, Colleagues and Community.  In the past two years the bank has seen double digit asset growth and the #3 ranking for SBA lending across all of Rhode Island.
 
In 2011, Botelho came on board with a new management plan and a vision for the future. His focus was to build the bank's assets in order to provide a wider scope of services to commercial and retail customers.
 
From $80 million in 2011 to $100 million today, the bank has seen a 25 percent growth in the past two years. Botelho has even bigger plans for the future.
 
"We've got a hefty goal this year to grow another $15 million, and to reach $125 million by 2015," he said. "The more we grow, the more services we can provide to our customers in our small-bank atmosphere."
 
David Caruso, a Vice President at Freedom National Bank, said the bank's growth has come from creating and fostering its customer relationships.
 
"We're grateful to know each of our customers personally," Caruso said. "We're going to keep our focus on individuals and small business clients because we know growing happens one person at a time."      

$100 Million Adds Up to 

Greater Advantages

Providing the most up-to-date and user-friendly products is a priority at Freedom National Bank and with the $100 million milestone achieved, even more options are available to our customers.
 
Consumers can count on top-level security for online and mobile banking, as well as a wider breadth of products and services now and in the near future, such as Freedom National Bank's consumer loan, available up to $25,000.
 
"By growing the bank, we're able to provide our retail customers with even more banking options like Reward Checking, home equity products, and mortgages that help consumers achieve their personal goals," said Laura Stack, Senior Portfolio Manager at Freedom National Bank.
 
For commercial customers, Freedom National Bank's growth means a greater capacity to perform larger transactions and offer more lines of credit, including low-documentation loans up to $250,000 and Small Business Lending (SBL) with 24- to 48-hour response times.
 
"We offer Remote Deposit Capture technology that allows commercial customers to make deposits without leaving the office," adds Anthony Botelho, President and CEO of Freedom National Bank.
 
"As we continue to grow, we can create more financing solutions and opportunities for both our existing client base and prospects in the area of financing their capital needs," said David Caruso, VP Business Development at Freedom National Bank. "Our growth simply means more advantages for our customers - that's what we're excited about."
Staying on the Cutting Edge
in Manufacturing

John Lombari, CEO of R.I. Carbide had a goal of expanding his company five years ago. R.I. Carbide makes Carbide and High-Speed Steel cutting tools for medical, automotive, aerospace and other manufacturing operations.

John Lombari,  
CEO R.I. Carbide

Lombari's industry began moving toward more sophisticated tooling for the medical industry, and started buying very special CNC manufacturing equipment. "I wanted to continue to buy these machines to fulfill my vision of growing my company," he added.

 

But when the 2008 recession hit, Lombari's bank didn't want to lend him the money for manufacturing equipment.

 

Then, on a tip from the bank manager, Lombari cold-called Freedom National Bank.

 

"Freedom's VP came right down and spent hours with me, asking where the company was and where we wanted it to go. Before he left we had a plan, and within several weeks I had a loan," he said.

 

"Freedom National Bank found ways to support my plan, which allowed me to invest $2.5 million in state of the art equipment in the last two and a half years," he said. "We've practically doubled in sales and profitability since I've been banking with Freedom National Bank."

 

Lombari said he's proud to be a part of Freedom's $100 million milestone and glad that nothing has changed in the bank's friendliness and customer service.

  

"That is the biggest thing - even though they've grown, I'm still known and I still get the same level of confidence and personalized service," he added.

 

"Freedom National Bank is very pro-manufacturing, which is good news for Rhode Island because more companies are opening here," he said. "Without a doubt, I'm going to recommend Freedom to other manufacturers and small businesses who are looking for loans." 

 

To view an informational video about R.I. Carbide, click here  

Copyright 2013 - All rights reserved. Freedom National Bank - Greenville, RI Member FDIC, Equal Housing Lender