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HarborOne Bank depositors approve plan of Reorganization and Minority Stock Issuance and Charitable Foundation

HarborOne Bank announced today that its depositors have approved the plan of reorganization and minority stock issuance pursuant to which HarborOne Bank will reorganize into a two-tier mutual holding company structure, and a newly formed mid-tier holding company will offer 45.0% of its common stock first to qualifying depositors of the Bank, with any remaining shares to be offered, on a descending priority basis, to the tax-qualified employee plans, employees, officers and directors of the Bank and its subsidiary, the local community and the general public. The Bank also announced that its depositors have approved the establishment of a charitable foundation and its funding with 0.667% of the gross proceeds (or approximately 0.7% of the net proceeds) raised in the minority stock offering and 1.2% of the mid-tier holding company’s outstanding shares of common stock following the minority stock offering.

The completion of the reorganization and minority stock offering, and the establishment and funding of the charitable foundation, remain subject to regulatory approval or non-objection.

A registration statement relating to the securities of the mid-tier holding company has been filed with the United States Securities and Exchange Commission. This press release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer will be made only by means of the written prospectus forming part of the registration statement when accompanied by a stock order form. The shares of common stock of the mid-tier holding company are not savings accounts or savings deposits, may lose value and are not insured by the Federal Deposit Insurance Corporation or any other government agency.
About HarborOne Bank
With $2 billion in assets, HarborOne Bank is the largest co-operative bank in New England. HarborOne serves the financial needs of consumers, businesses, and municipalities throughout Southeastern Massachusetts through a network of 14 full-service branches, two limited service branches, a commercial loan office in Providence, Rhode Island, a residential lending office in Westford, Massachusetts, and 13 free-standing ATMs. We also provide a range of educational services through "HarborOne U," with classes on small business, financial literacy and personal enrichment at two campuses located adjacent to our Brockton and Mansfield locations. HarborOne is the parent company of Merrimack Mortgage, LLC, a full-service mortgage lender with 34 offices in Massachusetts, New Hampshire, Connecticut and Maine, and also does business in five additional states. 

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770 Oak St. Brockton, MA 02301

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