Two local banks plan merger
PROVIDENCE, R.I. (AP) -- Westerly Savings Bank and Newport Federal Savings Bank are merging.
The two small banks expect their merger will be complete by the third quarter of this year.
The banks will have 275 (m) million in combined assets, 183 (m) million in deposits and five branches.
The companies say the combined bank will operate under NewportÔŅĹs federal charter, but WesterlyÔŅĹs branches will keep their current name.
The Providence Journal reports none of the 72 employees will be laid off. Both banks started in 1888.
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