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Depositors of the parent company of Brockton-based HarborOne Bank have approved the company’s plan to make a second-step conversion and reorganize into a fully public company.
HarborOne announced approval from depositors in a press release yesterday.
The bank first announced that it would make a second-step conversion in March and issue up to $300 million in an upcoming offering.
The conversion comes more than a year after HarborOne acquired Warwick, Rhode Island-based Coastway Bank in an all cash deal valued at approximately $125 million.
Mark Fitzgibbon, an analyst at Sandler O’Neill, said at the time the all-cash deal would deplete HarborOne’s excess capital, increasing the likelihood that it would eventually convert to a fully stock-owned company sooner than it had originally anticipated, which appears to be the case.
The conversion completes a long journey for the company.
About six years ago, HarborOne was a credit union. The organization transitioned to a bank in June 2013 and then acquired Merrimack Mortgage Co. Inc. of Manchester, New Hampshire in April 2015, marking its first major acquisition since its bank conversion.
The bank then reorganized into a mutual holding company and issued a partial IPO in March 2016, raising $144 million.
