M&A Deal Summary

SI Financial Group Acquires Newport Bancorp

On March 5, 2013, SI Financial Group acquired financial services company Newport Bancorp

Acquisition Highlights
  • This is SI Financial Group’s 1st transaction in the Financial Services sector.
  • This is SI Financial Group’s 1st transaction in the United States.
  • This is SI Financial Group’s 1st transaction in Rhode Island.

M&A Deal Summary
Date 2013-03-05
Target Newport Bancorp
Sector Financial Services
Buyer(s) SI Financial Group
Deal Type Add-on Acquisition
Advisor(s) Sandler O'Neill + Partners LP (Financial)
Luse Gorman (Legal)

Target

Newport Bancorp

Newport, Rhode Island, United States
Newport Bancorp, Inc. is a provider of financial services.

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Buyer(S) 1

Buyer

SI Financial Group

Willimantic, Connecticut, United States

website

Category Company
Founded 1842
Sector Financial Services
Employees253
Revenue 53M USD (2017)
DESCRIPTION

SI Financial Group, Inc. is the holding company for Savings Institute Bank and Trust Company. Established in 1842, Savings Institute Bank and Trust Company is a community-oriented financial institution headquartered in Willimantic, Connecticut. Through its 23 branch locations, the Bank offers a full-range of financial services to individuals, businesses, and municipalities within its market area.

DEAL STATS #
Overall 1 of 1
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Rhode Island) 1 of 1
Country (United States) 1 of 1
Year (2013) 1 of 1
Mergr

Product

Company

Legal