Narragansett Financial Corporation takes 55% stake in Narragansett Bancorp via no-cash share issue

Narragansett Financial Corporation was issued 11,638,000 shares of Narragansett Bancorp, Inc. common stock on 2 November 2026, giving it 55.0% of the issuer's outstanding shares, according to the Schedule 13D filed that day. The filing states no cash consideration was paid by the reporting person for the shares.

The Schedule 13D says the issuance occurred in connection with the reorganisation of BayCoast Bank and Narragansett Financial Corporation into a two-tier mutual holding company form of organisation, which it states was effective 2 November 2026.

On the purpose of the transaction, the filing states that while the reporting person intends to exercise its rights as majority stockholder of the issuer, neither the reporting person nor any of the named insiders currently has plans or proposals for an extraordinary corporate transaction, a sale of material assets, changes to the board or management, or other actions listed in Item 4. The filing adds that the reporting person and the insiders may in future determine to purchase additional shares or to sell shares, depending on factors including market prices, the issuer's prospects and alternative investments.

The Schedule 13D lists Nicholas M. Christ as Chair and Chief Executive Officer and Marie Pellegrino as President of the reporting person, among thirteen named insiders including trustees and officers. It states the reporting person has sole power to vote and dispose of the shares and that no other person has the right to receive dividends or proceeds from their sale. The filing does not state the price or valuation attached to the shares issued, nor does it describe further terms of the mutual holding company reorganisation.