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.