Narragansett Bancorp, Inc. Anticipates Initial Public Offering Closing Date Next Month

Anticipated IPO Closing of Narragansett Bancorp, Inc.

Narragansett Bancorp, Inc., the prospective holding entity for BayCoast Bank, has officially announced its expected closing date for its initial public offering (IPO) on November 2, 2026. This announcement follows the receipt of all necessary regulatory approvals to finalize the reorganization of its two-tier holding company structure, paving the way for its stock offering.

The firm is set to offer a total of 9,098,800 shares of its common stock, which includes 761,760 shares intended for the Bank’s Employee Stock Ownership Plan. This represents the maximum adjusted offering range as detailed in their prospectus dated August 11, 2026. Additionally, the company plans to issue 11,638,000 shares to Narragansett Financial Corporation, which serves as the mutual holding company, alongside 423,200 shares for the BayCoast Charitable Foundation, Inc. Upon closing, the total number of common stocks issued and outstanding will reach approximately 21,160,000.

As highlighted in the reports, the stock offering has seen considerable demand, with oversubscription from depositors recorded as of May 31, 2025. The allocation of shares will occur in accordance with the purchase limitations and proration methods detailed in the aforementioned prospectus. Those seeking to verify their stock orders are encouraged to reach out to the Stock Information Center starting October 30, 2026, with services available from 10 a.m. to 4 p.m. Eastern Time.

The company’s spokesperson confirmed that shares will begin trading on the Nasdaq Capital Market under the ticker symbol “NARA” on the projected closing date of November 2, 2026. To streamline the process of share issuance, Continental Stock Transfer & Trust Company has been designated as the transfer agent and will facilitate the mailing of Direct Registration System (DRS) book-entry statements for purchased shares along with interest checks around November 4, 2026.

Legal Representation and Advisory

Piper Sandler & Co. will take on the role of marketing agent for this stock offering, while Luse Gorman, PC will offer legal counsel to the company and the Bank. Covington & Burling LLP will provide legal advice to Piper Sandler & Co. as part of this transaction.

About BayCoast Bank

Founded in 1851, BayCoast Bank operates as a Massachusetts-chartered stock savings bank with a robust presence through its main office and 25 full-service branches across Massachusetts and Rhode Island. The bank's services extend further with two loan production offices situated in both states. All deposits at BayCoast Bank are insured beyond the federal deposit insurance coverage limits by the Depositors Insurance Fund, ensuring a secure environment for their patrons.

Important Considerations Regarding the Offering

It is crucial to note that the common stock shares offered by the company do not equate to deposits nor savings accounts, and they do not carry insurance or guarantees from the Federal Deposit Insurance Corporation or any governmental entity.

Furthermore, as part of there being forward-looking statements included in this announcement, stakeholders must acknowledge the inherent risks and uncertainties that could potentially lead actual outcomes to diverge from anticipated results. These may encompass unexpected delays or complications in the stock offering or market disruptions that could affect the timing of trades.

In summary, this significant transition indicates an exciting phase for Narragansett Bancorp, Inc. and marks an important step towards strengthening the market presence of BayCoast Bank while enhancing service offerings to a broader customer base. Stakeholders and interested investors should remain updated as the anticipated closing draws near.