Narragansett Bancorp IPO set to close, shares to trade on Nasdaq

Narragansett Bancorp, Inc., the proposed holding company for BayCoast Bank, announced it has received all final regulatory approvals to complete a two-tier holding company reorganization and related stock offering, with the transaction expected to close on November 2, 2026.

The company’s common stock is expected to begin trading on the Nasdaq Capital Market under the ticker symbol "NARA" on November 2, 2026.

According to the press release, the company expects to sell 9,098,800 shares of common stock, including 761,760 shares to be sold to BayCoast Bank’s Employee Stock Ownership Plan. This represents the adjusted maximum of the offering range as disclosed in the company’s prospectus dated August 11, 2026. An additional 11,638,000 shares will be issued to Narragansett Financial Corporation, the company’s mutual holding company, and 423,200 shares will be issued to BayCoast Charitable Foundation, Inc. Total shares issued and outstanding upon closing are expected to reach 21,160,000.

The stock offering was oversubscribed by depositors of the bank as of May 31, 2025. Valid stock orders received in the subscription offering will be filled according to purchase limitations and proration methods outlined in the August 11, 2026 prospectus.

Continental Stock Transfer & Trust Company, serving as transfer agent, plans to mail Direct Registration System book-entry statements and interest checks on or about November 4, 2026.

Piper Sandler & Co. acted as marketing agent for the offering. Luse Gorman, PC served as legal counsel to the company and the bank, while Covington & Burling LLP served as legal counsel to Piper Sandler & Co.

BayCoast Bank, originally chartered in 1851, is a Massachusetts-chartered stock savings bank operating from a main office and 25 full-service branch locations across the South Coast of Massachusetts and Rhode Island, along with two loan production offices.