FALL RIVER – BayCoast Bank has acquired Newport Financial Corp., which will operate as an affiliate of the bank under the name NFC Mortgage, according to BayCoast Bank Senior Vice President Jim Rice.
All nine employees of the Fall River-based Newport Financial, including its founders Donald Nessing and Steven Romagnolo, will move into the BayCoast Bank operations center in Swansea. BayCoast Bank will maintain its Fall River headquarters.
The bank is not disclosing the acquisition price, said Rice. The deal is expected to close at the end of September.
Newport Financial specializes in no-cost financing for conforming and jumbo borrowers and operates in Connecticut, Maryland, Massachusetts and Virginia.
“We are pleased to welcome the NFC team to BayCoast. This partnership will allow us to enhance our retail lending reach and capabilities into new markets,” said Nicholas Christ, BayCoast Bank president and CEO. “We look forward to the continuation of their successful business model.”
BayCoast Bank will maintain its current locations in southeastern Massachusetts and its one Rhode Island location in Tiverton.