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From the July 14, 2008 edition Rhode Island & Massachusetts News Briefs Newport Bancorp buys 5% of outstanding stock NEWPORT – Newport Bancorp Inc., the holding company for Newport Federal Savings Bank, announced last week that it has completed its second stock repurchase program. Under the repurchase program, the company acquired 231,721 shares, or 5 percent, of its outstanding common stock, at an average purchase price of approximately $12.45 per share. In April, Newport Bancorp reported that it posted a first-quarter profit of $74,000, a 71.4-percent decrease from its year-ago net income of $259,000 but an improvement from its fourth-quarter loss of $47,000. • Not registered? Click here E-mail this Print this Order a Reprint Post a comment You must be logged in to post a comment. click here to log in.