Harbor One takes advantage of tax reform

HarborOne Bank’s depositors recently approved its reorganization and minority stock issuance, the Brockton-based bank said yesterday.

The depositors voted on the plan at a meeting Tuesday, and of the 1,606 depositors, 1,552 voted in favor.

Under the plan, HarborOne will reorganize into a two-tier mutual holding company structure, and the new mid-tier holding company will offer 45 percent of its common stock first to qualifying depositors and then to employee plans, employees, officers and directors of the bank, and finally, the public.

HarborOne also said its depositors had approved the charitable foundation it plans to establish as part of the reorganization.

The $2 billion bank is still awaiting regulatory approvals.

HarborOne Depositors Approve Reorganization Plan

by Banker & Tradesman time to read: <1 min
0