SI Financial Acquires Newport Bancorp, NewportFed

by Sandy McGee

If you're a NewportFed customer, you now belong to a new bank after an acquisition occurred this past weekend. 

SI Financial Group, Inc. (Nasdaq: SIFI), the holding company for Savings Institute Bank and Trust Company, announced Friday the completion of its acquisition of Newport Bancorp, Inc.,  the holding company for Newport Federal Savings Bank.  

As a result of the merger, Newport Bancorp was merged with and into SI Financial, with SI Financial as the surviving entity, and Newport Federal Savings Bank was merged with and into Savings Institute Bank and Trust Company, with Savings Institute Bank and Trust Company as the surviving entity.

At least one NewportFed customer claimed he was not informed about the change. The customer claimed the Portsmouth branch closed over the weekend with no notice to customers. 

Are you a NewportFed customer who was unable to access the Middletown branch this weekend? Tell us in the comment section below. 

Effective as of the completion of the acquisition, former Newport President and Chief Executive Officer Kevin M. McCarthy and former Newport Bancorp directors William R. Harvey and Kathleen A. Nealon were appointed to the Board of Directors of SI Financial and Savings Institute Bank and Trust Company.

Rheo A. Brouillard, SI Financial’s President and Chief Executive Officer, said, “We are very pleased to announce the completion of our acquisition of Newport Bancorp and believe this combination presents a tremendous opportunity to expand our presence into attractive markets in Rhode Island.”

SI Financial Group, Inc. is the holding company for Savings Institute Bank and Trust Company. Established in 1842, the Savings Institute Bank and Trust Company is a community-oriented financial institution headquartered in Willimantic, CT.  

Through its twenty-six branch locations, the Bank offers a full-range of financial services to individuals, businesses and municipalities within its market area.