Narragansett Bancorp

Narragansett Financial Corporation has been the Massachusetts-chartered mutual holding company of BayCoast Bank since 1998. Upon completion of the reorganization and offering, Narragansett Financial Corporation will own 55% of Narragansett Bancorp, Inc.’s common stock. Narragansett Financial Corporation is a non-stock company that will be required by law to own a majority of the outstanding voting stock of Narragansett Bancorp, Inc. for so long as Narragansett Financial Corporation remains in existence. Narragansett Financial Corporation, through its board of trustees, will be able to exercise voting control over virtually all matters put to a vote of stockholders of Narragansett Bancorp, Inc. Narragansett Financial Corporation is subject to comprehensive regulation and examination by the Massachusetts Commissioner of Banks and the Board of Governors of the Federal Reserve System