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- Controlled Company (new) — The company will be a controlled company, meaning public shareholders may have limited influence over corporate governance.
- Cannabis (new) — The bank serves cannabis-related businesses, which remain federally illegal, creating legal and operational risk.
- Retire In 2027 (new) — Two key executives are expected to retire in 2027, creating succession risk.
- Minority (new) — Public investors will not have voting control, as Narragansett Financial Corporation retains majority ownership.
Narragansett Bancorp launches 424B3 offering of up to 7.91M shares at $10.00, raising $79.1M gross for the company
Filed August 20, 2026 · ~2 min read
Key Changes
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The company is offering up to 7,912,000 shares at $10.00 per share, with a minimum of 5,848,000 shares required to close; the offering may be increased to 9,098,800 shares.
The Offering verify on EDGAR → -
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Gross proceeds to the company from primary shares are $79.1 million; net proceeds are $55.5 million after underwriting discounts and expenses.
The Offering verify on EDGAR → -
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The company reported a GAAP net loss of $0.1 million for the most recent period, despite a $1.2 million net income in Q1 2026.
Management's Discussion and Analysis verify on EDGAR →
7 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 1, 2026 · How we verify