Transaction to purchase privately held home loan originator will significantly increase HarborOne’s mortgage business. Manchester, New Hampshire-based Merrimack provides strong market foothold throughout New England
BROCKTON, Mass. – HarborOne Bank announced today that it will acquire Merrimack Mortgage Company, Inc. of Manchester, N.H. – a privately held home loan originator that averages more than $1 billion in annual business throughout New England.
The deal, which is expected to close in July, will significantly increase the size of HarborOne’s mortgage business and provide a foothold in key lending markets in the New England region. Merrimack will become a wholly-owned subsidiary of HarborOne Bank. Terms are undisclosed.
“We believe in the mortgage business and it will continue to be a significant component of our long-term strategy,” said HarborOne President and CEO James W. Blake. “Merrimack Mortgage Company is a highly-respected and well-managed organization. Their geographic footprint will expand our presence into new markets, and provide additional opportunities over the long term.”
Merrimack principals Dan McKenney and Timothy Boyle will assume the respective roles of President and CEO and Executive Vice President and CFO of the subsidiary mortgage unit.
Founded in 1983, Merrimack Mortgage Company has approximately 200 employees in Manchester, N.H. and throughout its primarily New England-based footprint. The company has branch locations in Massachusetts, New Hampshire, Connecticut, and Maine, and is licensed in Rhode Island, Vermont and six other states. Approximately 97 percent of its annual business is concentrated in the New England region.
“HarborOne Bank is an ideal strategic fit with Merrimack, and we are thrilled to become part of the HarborOne family during this exciting period of growth for the bank,” said McKenney. “Our company cultures are very similar with regard to business operations, customer service, employee experience and corporate citizenship. We believe the entire Merrimack team will be an important asset as HarborOne expands its presence in the New England mortgage lending market.
In addition to helping more customers beyond HarborOne’s banking footprint, the acquisition of Merrimack Mortgage gives the bank a stronger position throughout New England, generating mortgage fee income and creating additional opportunities.
“Mortgage-based residential lending is a pillar of HarborOne’s growth strategy, and this acquisition aligns perfectly with our goals,” said Pete Makowiecki, Senior Vice President for Residential Lending and Mortgage Servicing at HarborOne. “Dan and Tim are critical new additions to our leadership team and they will augment the HarborOne culture, as they have established Merrimack as a strong community partner in the markets they serve. Their guidance and expertise in the mortgage industry will be invaluable as we grow this segment of our business.”
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About HarborOne Bank
With $2 billion in assets, HarborOne Bank is the largest co-operative bank in New England. HarborOne Bank serves the financial needs of consumer and business banking customers throughout Massachusetts and Rhode Island through a network of 14 full-service branches. HarborOne also operates a limited-service branch at Brockton High School and 13 free standing ATMs in addition to an ATM at every full-service branch.
About Merrimack Mortgage Company, Inc.
Founded in 1983, Merrimack Mortgage Company is headquartered in Manchester, NH and has approximately 200 employees throughout its primarily New England-based footprint. The company originates 1-4 family residential mortgages and has 31 Sales offices located in NH (18), MA (7), ME (4), CT (1) and CA (1). The company is licensed in Rhode Island, Vermont and six other states. Approximately 97 percent of its ~$1 billion in annual business is concentrated in the New England region.