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Boston & New England  + Boston  + Finance  | 

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.” 

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Inside The Story

Eastern Bank's Sheahan

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition