Narragansett Bancorp rises in Nasdaq debut after mutual bank conversion
NARA•Narragansett Bancorp shares rose 6.7% to $10.67 in their Nasdaq debut after opening at $10.80, above the $10 offering price; the company sold about 9.1 million shares in an IPO tied to its conversion from a mutual bank.
1. Nasdaq debut
Narragansett Bancorp shares rose 6.7% to $10.67 in their Nasdaq debut after opening at $10.80, compared with the $10 offering price. The company sold about 9.1 million shares in an initial public offering in connection with its mutual bank conversion.
2. Bank operations
Narragansett Bancorp is the parent company of Massachusetts-chartered BayCoast Bank, which operates 26 full-service branch banking offices and was originally chartered in 1851.
