financial services

Newport Fed, Savings Institute merge set for Sept.

The merger and systems conversion of Newport Federal Savings Bank and Willimantic, Conn.-based Savings Institute Bank and Trust Co. is set for Sept. 6 through Sept. 8.
Posted 7/30/13

NEWPORT – The merger and systems conversion of Newport Federal Savings Bank and Willimantic, Conn.-based Savings Institute Bank and Trust Co. is set for Sept. 6 through Sept. 8, according to an announcement by NewportFed President and CEO Kevin M. McCarthy in the bank’s online newsletter.

The acquisition of Newport Bancorp Inc., parent company of Newport Federal Savings Bank, by Connecticut-bsed SI Financial Group, the parent of Savings Institute Bank and Trust, was announced in March.

“We have enthusiastically determined that this merger is very much in the best interest of our NewportFed customers,” McCarthy said in NewportFed’s July 2013 online President’s Letter.

The acquisition price, including a combination of stock and cash, was valued at $61.3 million.

Savings Institute Bank and Trust has extended employment offers to NewportFed’s staff, McCarthy said.

NewportFed has branches in Newport, Middletown, Portsmouth, Wakefield, Westerly and Stonington, Conn.

Savings Institute Bank and Trust has 20 locations in eastern Connecticut.

Calendar
PBN Hosted
Events

Applications are now being accepted for the 14th Annual Business Excellence Awards Program. Deadline to apply is October 1st. And save the date for the Awards Dinner - November 12th at the Providence Marriott.
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement