Credit Services & Lending M&A » By The Online Investor Staff, updated Sat., Apr. 17, 12:36 PM
Recent mergers and acquisitions in the Credit Services & Lending M&A category.
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Slide #49. SI Financial Group, Inc. — Newport Bancorp, Inc.
Acquirer:
SI Financial Group, Inc. (SIFI)
Acquiree:
Newport Bancorp, Inc.
Details:
SI Financial Group, Inc. (Nasdaq:SIFI), the holding company for Savings Institute Bank and Trust Company, today announced 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.
SI Financial Group is a bank holding company. Through its subsidiary, Savings Institute Bank and Trust Company (the Bank), Co. provides a range of financial services to consumers and businesses in its market area, including life insurance and annuities. The Bank accepts deposits from the general public and uses those funds to originate one- to four-family residential, multi-family and commercial real estate, commercial business and consumer loans. The Bank also purchases commercial business loans, including loans fully guaranteed by the Small Business Administration and the U.S. Department of Agriculture. In addition, the Bank provides remote capture products and money market accounts.
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Avg. Broker Rec.
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Strong Buy (4.00 out of 4) 100th percentile
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