September 9, 2013
SI Financial completes Rhode Island acquisition
Windham’s SI Financial Group said it has completed its purchase of Newport Bancorp.
SI is the holding company of Savings Institute Bank and Trust and Newport is the holding company of Newport Federal Savings Bank.
The $61.3 million deal, first announced in March, grows SI’s assets by about $450 million, or nearly half, taking it over the $1-billion mark.
As of the deal’s Sept. 6 closing, several Newport executives and directors assumed positions on SI’s board. They include President and CEO Kevin M. McCarthy and directors William Harvey and Kathleen Nealon.
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