NewportFed plans Westerly branch

NEWPORT – Newport Federal Savings Bank – otherwise known as NewportFed – has agreed to open a standalone bank branch at the future site of an Ocean State Job Lot at 18 Post Road, Westerly.
The five-branch bank announced recently that it signed a lease with the discount retailer to occupy a 3,200-square-foot building, next to the future Ocean State Job, which is currently a Stop & Shop supermarket.
The branch, pending local approvals, will be full service and will feature three drive-through lanes and an ATM.
“Construction of this new office will complete our plan to upgrade our facilities in Westerly and provide 21st-century banking and enhanced convenience to the community,” said Kevin McCarthy, president & chief executive officer.
The branch is expected to open in 2010.
Newport Bancorp Inc. (Nasdaq: NFSB) is the holding company for Newport Federal Savings Bank – an $450 million institution, created by the 2005 merger of Newport Fed and Westerly Savings Bank, that converted from a mutual bank to a shareholder-owned institution in mid-2006. Newport Fed has five branches. Additional information is available at www.NewportFederal.com.