Narragansett Bancorp Completes Initial Public Offering and Reorganization
Narragansett Bancorp, Inc. has successfully completed its two-tier holding company reorganization and related stock offering. The company's common stock is scheduled to begin trading on the Nasdaq Capital Market under the ticker symbol 'NARA' starting Monday, November 2, 2026. The offering involved the sale of 9,098,800 shares of common stock, reaching the adjusted maximum of its previously disclosed range. The transaction included share issuances to Narragansett Financial Corporation and the BayCoast Charitable Foundation, resulting in a total of 21,160,000 shares issued and outstanding. The subscription offering was oversubscribed by bank depositors as of May 31, 2025, necessitating proration according to the company's prospectus. This move transitions BayCoast Bank into its new holding company structure, providing a foundation for public market participation.