Eastern Bank to acquire HarborOne Bank and expand MA, RI presence
New England Council member, Eastern Bank, recently announced that the company will merge with HarborOne Bank.
The deal is estimated at $490 million, and Eastern Bank will acquire all of HarborOne’s estimated $5.7 billion in assets and 30 banking centers across Massachusetts and Rhode Island. A unanimous vote from both boards of directors supported the deal. Eastern Bank executives have expressed interest in the acquisition as a means to help the company rise in the ranks of Boston-area banks. The merger is expected to complete regulatory approval and convert the bank in early 2026.
“We are excited about this partnership which bolsters our already strong and long-standing presence in Greater Boston and expands our footprint into Rhode Island. … HarborOne is a highly recognized institution in our local market, and we share a deep commitment to customers, colleagues and communities,” said Bob Rivers, executive chair and chair of the board of Eastern Bank.
The New England Council congratulates Eastern Bank and HarborOne on this new merger.
Read more in the Boston Globe and in the Eastern Bank press release.