Corporate ActionJul 23, 2026, 02:11 PM
Narragansett Bancorp Amends S-1 for 401(k) Stock Offering
AI Summary
Narragansett Bancorp, Inc. filed an S-1/A amendment detailing its stock offering in connection with its reorganization from a single-tier to a two-tier public mutual holding company. The filing outlines the opportunity for BayCoast Bank 401(k) Plan participants to invest up to 75% of their account balances in Narragansett Bancorp common stock at $10.00 per share. Up to 6,705,124 shares are available for purchase through the plan, with an election deadline of September 10, 2026.
Key Highlights
- Reorganization to two-tier public mutual holding company structure.
- Offering common stock at $10.00 per share.
- 401(k) Plan participants can invest up to 75% of account balances.
- Up to 6,705,124 shares available for 401(k) Plan purchases.
- Minimum investment of $250 (25 shares) for 401(k) participants.
- Maximum individual investment of $300,000 (30,000 shares).
- 401(k) Plan assets were approximately $89.4 million as of March 31, 2026.
- Election deadline for 401(k) purchases is September 10, 2026.
Price Impact