Narragansett Bancorp, Inc. has undergone a significant ownership change as reported in a recent SEC filing. On November 2, 2026, Narragansett Financial Corporation acquired 11,638,000 shares of common stock, representing 55% of the total shares outstanding. This acquisition is part of a reorganization involving BayCoast Bank and indicates a new direction for Narragansett Bancorp.

Background

Narragansett Bancorp, Inc. operates in the savings institutions sector, specifically those not federally chartered, as classified under SIC 6036. The company is listed under the ticker symbol NARA but does not have a specified exchange at this time. The latest filing, a Schedule 13D, was submitted on November 2, 2026, and reflects the company's emerging growth status.

What the Filing Says

The SEC filing indicates that on the date of the change, Narragansett Financial Corporation received the shares without any cash consideration. The filing states, "On November 2, 2026, the Issuer issued 11,638,000 shares of its Common Stock to the Reporting Person in connection with the reorganization of BayCoast Bank and the Reporting Person into the two-tier mutual holding company form of organization." This change was effective immediately on the same date.

Impact

This acquisition could have significant implications for Narragansett Bancorp's future operations and governance. As the majority stockholder, Narragansett Financial Corporation has the sole voting and dispositive power over the shares acquired. The filing also notes that while the Reporting Person intends to exercise its rights as a majority stockholder, there are currently no plans for further acquisitions or significant corporate changes, such as mergers or changes in the board of directors.

What's Next

The filing does not specify what happens next for Narragansett Bancorp following this ownership change. However, stakeholders will be watching closely for any potential developments or strategic decisions that may arise as a result of this new ownership structure.