BUZZ – Narragansett Banking Group set to list on Nasdaq after completing mutual bank conversion

November 2 - ** Community bank Narragansett Bancorp (NARA.O) will be listed on Nasdaq later on Monday

** NARA sold about 9.1 million shares in an initial public offering related to converting from a mutual bank (link)

** The conversion of a mutual bank to a stock bank refers to financial institutions such as banks or savings associations changing from a mutual structure to a stock structure

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

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

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

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