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SI Financial Group Inc Announces Completion of Acquisition of Newport Bancorp Inc

Friday, 6 Sep 2013 04:02pm EDT 

SI Financial Group Inc 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. 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. Keefe, Bruyette & Woods, a Stifel Company, served as financial advisor to SI Financial Group and Kilpatrick Townsend & Stockton LLP acted as SI Financial Group's legal counsel. In addition, both Keefe, Bruyette & Woods, a Stifel Company, and Northeast Capital & Advisory, Inc. rendered fairness opinions to SI Financial Group in connection with the transaction. Sandler O'Neill & Partners, L.P. acted as financial advisor to Newport Bancorp and Luse Gorman Pomerenk & Schick, P.C. acted as its legal counsel. Sandler O'Neill & Partners, L.P. rendered a fairness opinion to Newport Bancorp in connection with the transaction. 

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