Narragansett Financial Corporation filed a Schedule 13D with the SEC on November 2, 2026, disclosing that it received 11,638,000 shares of Narragansett Bancorp, Inc. common stock in connection with a mutual holding company reorganization effective that same date.

Key Highlights

  • Shares received: Narragansett Financial Corporation was issued 11,638,000 shares of Narragansett Bancorp, Inc. common stock on November 2, 2026.
  • Ownership stake: Those shares represented 55.0% of the issued and outstanding shares of Narragansett Bancorp, Inc. common stock as of November 2, 2026.
  • No cash paid: According to the filing, no cash consideration was paid by the reporting person in connection with the share issuance.
  • Reorganization trigger: The shares were issued in connection with the reorganization of BayCoast Bank and Narragansett Financial Corporation into a two-tier mutual holding company form of organization, effective November 2, 2026.
  • Sole voting and dispositive power: The filing states that Narragansett Financial Corporation holds sole voting power and sole dispositive power over all 11,638,000 shares.
  • No current plans for major transactions: The filing states that neither the reporting person nor any of its insiders currently has plans or proposals that would result in a merger, asset sale, board change, or similar extraordinary corporate action.

BayCoast Bank Mutual Holding Company Reorganization Creates 55% Majority Stake

According to the Schedule 13D, Narragansett Financial Corporation, a Massachusetts-organized holding company, acquired a 55.0% majority ownership position in Narragansett Bancorp, Inc. through a reorganization involving BayCoast Bank. The filing states that on November 2, 2026, the issuer issued 11,638,000 shares of its common stock to Narragansett Financial Corporation "in connection with the reorganization of BayCoast Bank and the Reporting Person into the two-tier mutual holding company form of organization." The reorganization was described as effective November 2, 2026, and no cash consideration changed hands.

The filing identifies Marie Pellegrino as president of Narragansett Financial Corporation, with the organization's principal address listed as 330 Swansea Mall Drive, Swansea, Massachusetts 02777, which is also the address of Narragansett Bancorp, Inc. A roster of named trustees and officers is disclosed, including Nicholas M. Christ as Chair and Chief Executive Officer, and Diana Taxiera as Executive Vice President, Chief Financial Officer and Treasurer. The filing confirms that all listed insiders are U.S. citizens and that none has been subject to relevant criminal or civil securities-law proceedings in the past five years.

Regarding future intentions, the filing states that the reporting person "intends to exercise its rights as majority stockholder" but discloses no current plans for acquisitions, dispositions, mergers, board changes, or alterations to the issuer's capitalization or business structure. The filing also notes that the reporting person and its insiders may in the future determine to purchase or sell shares of the issuer's common stock, with any such determination depending on "market prices, the Issuer's prospects and alternative investments," according to the filing.

What Was Disclosed

Narragansett Financial Corporation filed a Schedule 13D reporting the receipt of 11,638,000 shares of Narragansett Bancorp, Inc. common stock, representing 55.0% of outstanding shares, issued at no cash cost as part of a mutual holding company reorganization effective November 2, 2026.