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HarborOne Bank announced Wednesday that it will acquire Merrimack Mortgage Co. Terms of the transaction are undisclosed.
April 30 -
The National Credit Union Administration has certified last month's member vote at HarborOne Credit Union in Brockton, Mass., to convert to a mutual savings bank.
April 22 -
Spencer Savings Bank and Southbridge Savings Bank in Massachusetts have agreed to merge in a combination of mutual thrifts in the Worcester, Mass., area.
October 29
HarborOne Bank, a mutually owned co-operative bank in Brockton, Mass., plans to sell shares to the public.
The $2.2 billion-asset HarborOne said in a regulatory filing Friday that it expects the offering to raise $83.6 million to $131.7 million. HarborOne, which plans to sell about 45% of its outstanding common stock to the public, will form a mutual holding company that will become the bank's majority shareholder. The offering is expected to take place in June.
The proceeds will be used to buy back stock, fund dividends, open new branches, buy other banks or for other corporate purposes. HarborOne also plans to use the proceeds to make a loan to its employee stock-ownership plan to buy shares in the stock offering.
The stock will be offered first to HarborOne's depositors. Shares not purchased in the depositors' offering will be sold to the public, with preference given to residents of communities served by HarborOne. The bank has 16 bank branches in Massachusetts, and 34 offices of its Merrimack Mortgage unit in Connecticut, Maine, Massachusetts, New Hampshire and Rhode Island.
HarborOne described itself as the largest community bank originator of auto loans in Massachusetts, with about $532 million, or 31% of its total loan portfolio, comprised of auto loans, as of Dec. 31. Residential first-lien mortgages made up $711 million, or about 41% of total loans, at Dec. 31.
HarborOne, founded in 1917 as Brockton Credit Union,
Sandler O'Neill and RP Financial are HarborOne's financial advisers. Goodwin Procter is providing legal counsel.
