Newport, RI …NewportFed announced today that it has entered into an agreement with Readco Stonington III, LLC to lease an 11,000 sq. ft. parcel located in the new shopping center development situated at the northwest corner of Route 2 and Route 49, in the Town of Stonington. The Bank will construct a 3400 sq. ft. full service branch with 3 drive-thru lanes, including an ATM. “We are very excited to come to Stonington which, added to our branch presence in nearby Westerly, will provide added convenience to current customers, a first class product menu and top quality customer service to those who are new to us in Stonington”, said President & CEO Kevin McCarthy. He added, “Town officials have extended us every courtesy, and in turn we are committed to our responsibilities as corporate citizens and contributors to the local community. “ First Selectman Ed Haberek stated, “It is a pleasure to have the Town of Stonington become Newport Fed’s first location in Connecticut. Newport Fed has proven to be a great partner to the communities it serves and I look forward to Newport Fed becoming part of our community.” Construction will begin sometime in April and completion is expected in the 4th quarter of this year.

Since 1888, NewportFed has been meeting the savings and borrowing needs of our local community. Today NewportFed is a $375 Million federally chartered publically owned bank with 5 locations in Rhode Island; The main office in Newport, and 4 branch locations in Middletown, Wakefield, 2 in Westerly and 2 locations scheduled to open in 2008, one in Portsmouth, RI and one in Stonington, CT.