Image courtesy of HarborOne Bank.

The parent company of Brockton-based HarborOne Bank is set for a $310.4 million public offering after regulators gave the green light to its second-step conversion, completing its six-year journey from credit union to stock bank.

HarborOne Northeast Bancorp’s common stock is expected to trade on the NASDAQ Global Select Market under the trading symbol “HONE” beginning tomorrow, the company said in a statement. The company expects to sell 31 million shares of its common stock at $10 per share. As part of the conversion, each existing share of the company’s common stock held by public shareholders other than the bank’s holding company will be converted into the right to receive 1.7954 shares of New HarborOne common stock; cash will be paid in lieu of any fractional shares.

In its announcement, HarborOne said the offering was oversubscribed, so preference was given to eligible depositors, the bank’s employee stock ownership plan, and Massachusetts and Rhode Island residents.

The bank first announced that it would go fully public in early March, a move that analysts expected to occur after HarborOne acquired Warwick, Rhode Island-based Coastway Bankin an all-cash deal valued at $125.6 million. Mark Fitzgibbons, an analyst at Sandler O’Neill, said in March 2018 that the all-cash deal would deplete HarborOne’s excess capital, and HarborOne actually had to raise $35 million in debt later in the year to complete the deal.

Regulators OK HarborOne’s Second-Step Conversion

by Banker & Tradesman time to read: 1 min
0