WILLAMANTIC, Conn. – NewportFed will keep its name when it is acquired by Savings Institute Bank & Trust Sept. 6, according to bank President and CEO Rheo Brouillard.
The new Connecticut-based parent company will be identified in NewportFed signage with an added line that will say, “A division of Savings Institute Bank & Trust.”
“We considered changing the name, but history is important and relationships are important,” said Brouillard. “We chose this path so our Newport customers continue to feel tied to the community.”
The NewportFed name will remain on five branches in Rhode Island and one in Pawcatuck, Conn.
Savings Institute Bank & Trust will retain its name for its 20 branches in Connecticut.