Banker & Tradesman file photos
Boston-based Eastern Bank now has regulatory approval to complete its proposed $490 million acquisition of Brockton-based HarborOne Bank.
“We are pleased to have received the required regulatory approvals for our Merger with HarborOne and look forward to completing the integration of our two companies early next year,” Eastern Bank Executive Chair Bob Rivers said in a statement. “This partnership will create a $30 billion locally-based, community-focused organization that bolsters Eastern’s leading presence in Greater Boston and expands our branch network into Rhode Island. We look forward to leveraging the combination of our organizations to add greater value for our colleagues, customers, community partners and shareholders.”
For four months following the completion of the deal, HarborOne Bank will operate as a division of Eastern Bank and customers will be served through their respective Eastern Bank and HarborOne Bank branches, websites and apps until the weekend of Feb. 21, 2026, when the core systems conversion is scheduled to take place.
In connection with the closing, Joseph Casey and one other director from HarborOne are expected to be elected to Eastern’s board of directors. HarborOne Bank has 30 branches in Massachusetts and Rhode Island, including in Plymouth and Bristol. HarborOne boasts $4.6 billion in deposits and is ranked in the top five banks by deposit market share in more than half of the markets it serves.
Still, the bank said that seven HarborOne branches will close as a result of the merger, according to The Boston Globe, plus six Eastern branches. The closures are driven by the overlap between HarborOne’s and Eastern’s branch networks.
HarborOne Mortgage, a mortgage company subsidiary of HarborOne Bank, makes home loans throughout New England. In Eastern’s second quarter earnings call, Eastern Bank CFO David Rosato said the bank was still analyzing how to bring the entity under the Eastern Bank umbrella.
“The reality is they’re a much bigger player than we are,” Rosato said at the time. “It’s a very well-run operation set up as a separate subsidiary of the bank. Our plan is to think through our business and their business and optimize what we think the combined entity should look like for Eastern.”
Eastern and HarborOne expect the merger to close Nov. 1
“This is an exciting time as our two banks come together,” HarborOne President and CEO Joseph F. Casey, said in a statement. “We share a deep commitment to colleague development, personalized customer service and community engagement. I am thrilled to be joining the Eastern Boards and look forward to our future together.”
