Local banks complete merger
Newport Federal Savings Bank this week completed its merger with Westerly Savings Bank.
The merger was announced earlier this year. The merged organization will operate under Newport’s federal charter, with the Westerly offices operating as a division of Newport. For the immediate future, the two banks will continue to operate under their current names. The merger provides customers of the two institutions with additional branch locations and an expanded ATM network. In addition, it provides an entry into the commercial loan markets of southern Rhode Island and abutting Connecticut counties which are viewed as strong potential sources of deposit and loan growth. The data processing conversion placing both banks on the same data base was accomplished this past weekend. Customers of both institutions may now access a wide array of financial products and services at the branches of either bank, as well as online.