June 21, 2010 (FinancialWire) — Newport Bancorp, Inc. (NASDAQ: NFSB), the holding company for Newport Federal Savings Bank, said that it is launching a stock repurchase program to acquire up to 181,933 shares, or 5%, of the company’s outstanding common stock.

Repurchased shares will be held in treasury, according to Newport.

Rhode Island-based Newport Bancorp is the parent company of Newport Federal Savings Bank, a community-oriented financial institution operating six full-service branch locations in Rhode Island.

Newport Federal Savings Bank offers a range of retail and commercial lending and deposit services.

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