Newport Bancorp is a savings and loan holding company. Through its subsidiary, Newport Federal Savings Bank (the Bank), Co. provides financial services to individuals and small businesses through its offices in Newport and Washington County, RI and Stonington, CT. The Bank accepts deposits from the general public and uses those funds to originate one-to-four family residential loans, commercial real estate loans, home equity loans and lines of credit, multi-family loans, construction loans, commercial loans and consumer loans. Its main deposit products are savings, checking and term certificate accounts. At Dec 31 2011, Co. had total assets of $453.9 million and deposits of $264.8 million.