Recent Updates — NARA

Narragansett Bancorp, Inc. completed its initial public offering and the two-tier holding company reorganization of BayCoast Bank on November 2, 2026. The company sold 9,098,800 shares of common stock to investors, including 761,760 shares to the Employee Stock Ownership Plan, and issued an additional 11,638,000 shares to Narragansett Financial Corporation and 423,200 shares to BayCoast Charitable Foundation. This brings the total outstanding shares to 21,160,000, with trading beginning on the Nasdaq Capital Market under the symbol "NARA." The offering was oversubscribed by depositors as of May 31, 2025. Narragansett Bancorp operates as a bank holding company for BayCoast Bank, which provides retail and commercial banking services through branches in Massachusetts and Rhode Island.

Narragansett Financial Corporation reported third-quarter net income of $4.4 million, up from $3.5 million in the prior quarter. Net interest income rose to $22.8 million, while non-interest expense decreased by $562,000 to $30.0 million. Total assets reached $2.96 billion and deposits grew 5.1% to $2.6 billion. The results precede the pending reorganization where Narragansett Bancorp will become the consolidated reporting entity for BayCoast Bank. The company operates as a regional bank holding company in Massachusetts and Rhode Island.