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BOSTON — Kevin M. McCarthy, president and chief executive officer of Newport Federal Savings Bank, has been re-elected to the board of directors of the Federal Home Loan Bank of Boston. McCarthy, a resident of Portsmouth, Rhode Island, will be serving his second term, which will run through December 31, 2008.

McCarthy has served as president and chief executive officer of Newport Federal Savings Bank since 1989. He has long been active in the Newport County/Aquidneck Island community, including serving as chairman of the board of trustees of St. Philomena School and president of the Portsmouth Rotary, in addition to being involved with the YMCA, Seaman's Church Institute, Rhode Island United Way, and other local organizations. He is also a member of the Stewardship and Development Committee for the Diocese of Providence.

The Federal Home Loan Bank of Boston is a cooperatively owned wholesale bank for housing finance in the six New England states. Its mission is to support the residential-mortgage and community-development lending activities of its members, which include over 460 financial institutions across New England. To accomplish its mission, the Bank utilizes private-sector capital to provide members and other qualified customers with reliable access to low-cost wholesale funds, liquidity, a competitive outlet for the sale of loans, special lending programs, technical assistance, and other products and services.

For more information, see the Bank's backgrounder.