BayCoast Bank parent Narragansett Bancorp begins trading on Nasdaq at $10.80

Narragansett Bancorp, Inc. launched its initial public offering on Monday, trading under the ticker symbol NARA on the Nasdaq Capital Market. Shares began trading at $10.80, following an offering price of $10.00 per share. This marks the public debut of the two-tier mutual holding company reorganization, incorporating its subsidiary BayCoast Bank.

The successful IPO raised gross proceeds of $98,000,000 through the sale of 9,098,800 common shares, meeting the highest point of the revised pricing spectrum. The bank's employee stock ownership plan contributed 761,760 shares, reflecting internal support alongside wider market interest. Narragansett Financial Corporation, the parent entity, maintains a controlling stake through 11,638,000 shares, while an additional 423,200 shares were designated for the BayCoast Charitable Foundation.

This capital infusion fortifies BayCoast Bank's balance sheet, a 1851-chartered savings institution with 25 full-service retail branches and two loan production sites spread across southeastern Massachusetts and Rhode Island. The Massachusetts Depositors Insurance Fund provides comprehensive coverage for customer deposits, surpassing standard federal limits.

Shareholder administration is set to conclude this week as Continental Stock Transfer & Trust Company distributes book-entry statements and accrued interest checks on November 4. This public listing offers new liquidity for regional bank investors during a period marked by increased scrutiny of banking balance sheets.