WESTPORT, Conn. - Westport Bancorp said it raised $963,500 in the initial phase of a stockholder rights offering.

The offering entitled all shareholders of record on Feb. 21 to buy one Westport Bancorp common share for every two shares owned.

At Nov. 30, Westport Bancorp had 2,793,661 common shares outstanding, a company spokeswoman said, counting purchases made at the initial offering price of $1.50 a share, in effect through Nov. 30.

By terms of the rights offering, the price has increased to $2 a share for purchases made from Dec. I through May 31, 1993. The offering price will increase to $3 a share from June 1, 1993, through May 31, 1994.

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