Narragansett Bancorp receives approval for BayCoast Bank reorganization and IPO
Narragansett Bancorp received the remaining regulatory clearances for its two-tier holding company reorganization and related stock offering for BayCoast Bank. The transaction is expected to close on November 2, 2026, when the company also expects its shares to begin trading on Nasdaq. The offering covers 9,098,800 shares, while total shares outstanding are expected to reach 21,160,000 after the closing.
Why it matters
Completion would establish a publicly traded holding company for BayCoast Bank and begin secondary-market trading in its shares. Investors will receive the offering shares according to the prospectus's purchase limits and proration procedures.
Key facts
- 1The transaction is expected to close on November 2, 2026, with Nasdaq trading expected to begin the same day. prnewswire.com
- 2Narragansett Bancorp expects to sell 9,098,800 common shares, including 761,760 shares to the Bank's Employee Stock Ownership Plan. prnewswire.com
- 3Narragansett Financial Corporation will receive 11,638,000 shares and BayCoast Charitable Foundation will receive 423,200 shares. prnewswire.com
- 4The company expects 21,160,000 shares to be issued and outstanding after closing. prnewswire.com
- 5Depositors had oversubscribed the stock offering as of May 31, 2025. prnewswire.com
- 6Continental Stock Transfer & Trust Company plans to mail direct-registration statements and interest checks on or about November 4, 2026. prnewswire.com
Summary written by AlphAI AI Desk from 4 of 4 sources. Not investment advice. Figures are as stated by the linked sources.