Narragansett Bancorp (NARA) expects its initial public offering and BayCoast Bank’s two-tier holding company reorganization to close on November 2, 2026.
All final regulatory approvals have been received. Trading on the Nasdaq Capital Market is expected to begin the same day. The company expects to sell 9,098,800 shares, the adjusted maximum of its offering range. It will also issue 11,638,000 shares to its mutual holding company, Narragansett Financial Corporation, and 423,200 shares to BayCoast Charitable Foundation. The company expects 21,160,000 shares outstanding at closing.
The offering was oversubscribed by depositors of the bank as of May 31, 2025. Valid subscription orders will be filled under the purchase limits and proration methods in the August 11, 2026 prospectus, which determine allocations when demand exceeds available shares.