HarborOne Bank today announced the acquisition of Cumberland County Mortgage of South Portland, ME – giving the Bank a strong new mortgage lending foothold in northern New England.

The acquisition immediately positions HarborOne as an industry leading home lender in Maine. Cumberland County Mortgage did $131.59 million in loan volume in 2016.

“This is a natural evolution for the robust mortgage business we have been building in northern New England,” said HarborOne Bank President Joseph Casey.

Cumberland County Mortgage has already been a source of significant revenue for HarborOne through its long-term third-party mortgage originator relationship with Merrimack Mortgage Company – a wholly owned subsidiary of HarborOne Bank.

“Cumberland County Mortgage was founded by a local Maine entrepreneur in 2000, and the company has achieved remarkable levels of success from Portland all the way up to Augusta,” said Merrimack Mortgage President Pete Makowiecki. “This will allow us to create more value through improved pricing and offer access to renovation lending and better jumbo loan options, as well as other opportunities.”

Cumberland’s business relationship with Bean Group and its 500-plus agents statewide will be also an immediate business development asset to HarborOne and Merrimack Mortgage. The company has 7 employees, including four loan officers.