NEWPORT, R.I., August 29, 2007 – NewportFed today announced that Gregory Skoutas of Pawtucket has been promoted to senior vice president. Mr. Skoutas will continue in his existing capacity as commercial loan manager of the commercial real estate lending group. He has been with the bank since 1993.

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.