Narragansett Bancorp, Inc. Completes Initial Public Offering, Stock to Trade on Nasdaq

Narragansett Bancorp, Inc. Completes Initial Public Offering

Narragansett Bancorp, Inc. (the “Company”), the parent entity of BayCoast Bank, has officially finalized its initial public offering (IPO). This notable development unfolds as BayCoast Bank undergoes its two-tier holding company reorganization, laying the groundwork for a new era of growth and accessibility to capital through the public market.

The Company's common stock is slated to commence trading on the Nasdaq Capital Market under the ticker symbol “NARA”, starting November 2, 2026. This milestone is significant not just for the company, but also for its stakeholders, as it opens the door to broader investment opportunities. The IPO saw the Company sell a total of 9,098,800 shares of common stock, which included 761,760 shares allocated for the Bank’s Employee Stock Ownership Plan. This figure represents the upper limit of the offering range revealed in the Company’s prospectus issued in August 2026.

Furthermore, the Company issued 11,638,000 shares to Narragansett Financial Corporation, its mutual holding entity, along with 423,200 shares to the BayCoast Charitable Foundation, Inc. As a result of these transactions, Narragansett Bancorp now has 21,160,000 shares of common stock issued and outstanding. The response from depositors in the Bank has been overwhelmingly positive, leading to the stock offering being oversubscribed as of May 31, 2025. Valid stock orders were filled according to the stipulations shared in the Company's earlier prospectus, ensuring an equitable distribution among investors.

For those unable to verify their stock orders, the Company encourages individuals to get in touch with the Stock Information Center at 844-301-2265. The center operates from Monday to Friday, between 10:00 a.m. and 4:00 p.m. Eastern Time. Additionally, the Company’s transfer agent, Continental Stock Transfer & Trust Company, has planned to send out Direct Registration System (DRS) book-entry statements for the shares purchased in this offering, along with interest checks, around November 4, 2026.

In terms of advisory, Piper Sandler & Co. has taken on the role of marketing agent for the Company during this stock offering. Legal counsel has been provided by Luse Gorman, PC for both the Company and the Bank, while Covington & Burling LLP has represented Piper Sandler & Co.

About BayCoast Bank

BayCoast Bank, which was originally chartered in 1851, is a Massachusetts-based stock savings bank that serves customers from its main office alongside 25 full-service branch locations across the South Coast of Massachusetts and Rhode Island. Additionally, the institution operates two loan production offices in both Massachusetts and Rhode Island. Importantly, the Bank's deposits enjoy the safety of being insured beyond federal deposit insurance limits through the Depositors Insurance Fund.

Special Notice Regarding Common Stock

It is pertinent to point out that the shares of common stock are neither deposits nor savings accounts and do not carry any insurance or guarantee from the Federal Deposit Insurance Corporation, the Depositors Insurance Fund, or any other governmental body. Investors and prospective shareholders are thus encouraged to consider the inherent risks associated with such offerings.

Forward-Looking Statements

This announcement includes certain forward-looking statements pertaining to the reorganization and stock offering. These statements are predicated on anticipated future events and may be identified by terms like believe, expect, anticipate, estimate, and similar verbs. It is crucial for investors to recognize that forward-looking statements are subject to risks and uncertainties that may cause actual outcomes to diverge significantly from those projected. Potentially impacting factors could include delays in the distribution of DRS book-entry statements or interest checks, alongside possible interruptions to trading due to market instability.

The completion of Narragansett Bancorp's IPO is indeed a momentous occasion, representing strategic growth directions that can potentially benefit its stakeholders while enhancing the bank's operational capabilities in an increasingly competitive environment.