NEWPORT – Newport Bancorp, parent company of Newport Federal Savings Bank, last Tuesday announced plans to repurchase up to 5 percent – or 243,917 shares – of its outstanding common stock.
According to the company news release, the purchases will be conducted through the open market, as well as through privately negotiated transactions.
No time limit was given for the program. The repurchased shares will be held in treasury, the release said.
On Tuesday of last week, the company’s stock stood at $12.75 per share.
In its most recent earnings report, for the first quarter of 2007, NewportFed reported net income of $259,000 on total income of $4.2 million. As of March 31, the company had assets of $303.6 million.
Newport Bancorp Inc. (Nasdaq: NFSB) is the holding company for Newport Federal Savings Bank, created by the 2005 merger of NewportFed and Westerly Savings. To learn more, visit www.newportfederal.com.
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