HarborOne Bank closed on its acquisition of Merrimack Mortgage Co. this week.

Merrimack Mortgage Co., which averages more than $1 billion in business annually throughout New England, will become a wholly-owned subsidiary of HarborOne Bank. The terms of the deal were not disclosed.

HarborOne originally announced its intention to acquire Merrimack at the end of April, as covered by Banker & Tradesman (https://bankerandtradesman.com/news163768.html?Type=search).

“This is targeted, strategic growth aimed at strengthening our bank in a very competitive industry,” President and CEO James W. Blake said in a statement. “Today’s acquisition ensures that HarborOne Bank will be able to expand and grow in the future, which will mean better opportunities for our customers. Merrimack Mortgage Co. is a highly respected and well-managed organization and their geographic footprint will expand our presence into new markets and provide additional opportunities over the long term.”

The deal will significantly increase HarborOne’s mortgage business and its footprint in New England. Merrimack principals Dan McKenney and Timothy Boyle will assume the respective roles of president and CEO and executive vice president and CFO of the subsidiary mortgage unit.