Boston & New England CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Eastern Bank, HarborOne to Merge in Stock-and-Cash Deal
Eastern Bankshares, Inc., the holding company for Eastern Bank, and HarborOne Bancorp, the holding company for HarborOne Bank, have entered into a definitive merger agreement under which HarborOne will merge with and into Eastern in a stock-and-cash transaction. The merger is expected to close in the fourth quarter.
Boston-based Eastern has $25 billion in assets, reportedly the largest deposit market share in both the Boston MSA and Massachusetts of any bank headquartered in Massachusetts. HarborOne Bank, based in Brockton, MA, has $5.7 billion in assets and 30 banking centers in Massachusetts and Rhode Island, and operates HarborOne Mortgage, LLC.
Denis Sheahan, CEO of Eastern, said the merger was “a natural strategic fit with shared values, vision, and focus on customer-centric banking. We look forward to introducing HarborOne customers to an enhanced array of products and services offered by our banking and wealth management businesses.”
- ◦Sale/Acquisition