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Credit Services & Lending M&A image Credit Services & Lending M&A » By The Online Investor Staff, updated Sun., Apr. 11, 8:12 AM Recent mergers and acquisitions in the Credit Services & Lending M&A category.

Slide #69. SI Financial Group, Inc. Newport Bancorp, Inc.

Acquirer: SI Financial Group, Inc. (SIFI)
Acquiree: Newport Bancorp, Inc. (NFSB)
Details: SI Financial Group, Inc., the holding company for Savings Institute Bank and Trust Company, and Newport Bancorp, Inc., the holding company for Newport Federal Savings Bank, announced the execution of a definitive merger agreement pursuant to which SI Financial Group will acquire Newport Bancorp. The acquisition will add to SI Financial Group approximately $449.4 million in assets, $355.0 million in loans and $289.7 million in deposits before acquisition accounting adjustments. The transaction will expand SI Financial Group's presence into Newport and Washington Counties in Rhode Island, where Newport Federal Savings Bank operates five full-service banking offices, and will add one branch in Stonington, Connecticut.

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.

Open the SIFI Page at The Online Investor »

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.

Open the NFSB Page at The Online Investor »

Company Name: 
SI Financial Group Inc (MD)
Stock buyback: 
SIFI buyback
Website: 
www.mysifi.com
Sector: 
Banking & Savings
Company Name: 
Newport Bancorp Inc
Website: 
www.newportfederal.com
Sector: 
Credit Services & Lending
 

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