Windham lender SI Financial Group Inc. has gotten the regulatory greenlight to close on its $61.3 million purchase of Rhode Island lender Newport Bancorp Inc. in two weeks.
The parent of Savings Institute Bank & Trust said the buyout is due to close on Sept. 6, subject to completion of customary closing condition.
SI announced last March its offer of $17.55 a share in either cash or stock for the parent of Newport Federal Savings Bank.
In its goal to become a billion-dollar-asset institution, SI would add to its $953 million in assets about $450 million in assets from Newport Fed, along with Newport’s five branches, one of which is in Stonington.
