NEWPORT, R.I., August 16, 2007 – NewportFed today announced that Timothy J. Burns of Newport has been promoted to assistant vice president of commercial real estate lending. In this position, Mr. Burns will be responsible for the continued development of profitable commercial customer relationships in the areas of Aquidneck Island and East Bay, R.I., as well as nearby Bristol County, Mass. He has been with the bank since 2003.

Founded in 1888, NewportFed provides individuals and businesses with retail and commercial banking services from five convenient R.I. locations in Newport, Wakefield, Middletown and Westerly (two offices), and is also committed to supporting civic and nonprofit organizations in these same communities. At the end of 2006, the bank had over $290 million in assets. For more information on NewportFed, please call (401) 847-5500, drop by any branch office or visit www.newportfederal.com.