BUZZ - Narragansett Banking Company shares rise on Nasdaq debut after mutual bank conversion completion

Latest Developments

November 2 - ** Community bank Narragansett Bancorp’s subsidiary NARA.O surged 6.7% to $10.67 on its first day of trading on Nasdaq

** The stock opened at $10.80 per share, above its $10 IPO price

** Narragansett Bancorp (NARA), in connection with the mutual-to-stock conversion IPO, sold about 9.1 million shares (link)

** The mutual bank conversion refers to financial institutions like banks or savings associations converting from mutual ownership to a stock company

** Unlike traditional banks owned by shareholders, mutual banks are owned by their depositors

** NARA is the parent company of BayCoast Bank, chartered in Massachusetts, which was originally granted its charter in 1851 and now operates 26 full-service branches

** Piper Sandler acted as the marketing agent for this stock offering

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