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Last Updated May 14, 2025
HarborOne has entered into an agreement to merge with Eastern Bank
Eastern is the largest Massachusetts-based bank, with over 200 years of history serving the New England market. Together, we will be $31 billion in assets, with the scale and capability to meet the needs of our customers in all markets and segments and offer a premium banking experience for our customers.
What to Expect
- What are the terms of the merger? Eastern Bankshares, Inc., the parent company of Eastern Bank, will merge with HarborOne Bancorp, Inc., the parent company of HarborOne Bank and HarborOne Bank Mortgage. The combined franchise will have $31 billion in assets and be the largest Massachusetts-based bank.
- What is the expected timing of the merger? The merger needs to be approved by State and Federal Regulators, and HarborOne shareholders. We expect the merger will close in the fourth quarter of 2025, subject to required regulatory approvals and other conditions.
- Until the deal is approved, HarborOne and Eastern Bank will continue to operate independently. For now, there are no changes in how you bank with us and there is no need to take any action. Your relationship management and/or banking center team remain the same. We anticipate communicating proactively with you on how to prepare for any transition, as needed.
- How are customers impacted? For now, there is no customer impact. Ultimately, the benefits for HarborOne customers are significant, including expanded convenience with over 100 branch locations, expanded access to a broader range of products and services, and a more robust wealth management capability. Over the coming months, we will provide additional details to our customers.
- What are the plans for the branches? We expect most of HarborOne's 30 locations will be retained, including all 3 of the branches in Brockton. Additionally, all HarborOne and Eastern branch employees will be retained. We do not anticipate exiting any city or town where our combined network currently operates.
- Will HarborOne's community support and involvement continue? Our commitment to our communities will deepen with this merger. Our shared values, including a commitment to the communities we serve, make this partnership a natural fit. The Eastern Bank Foundation is one of the largest corporate foundations in our region and in combination with the HarborOne Foundation will dedicate $20 million in programming, including financial literacy and business resources currently offered through HarborOne U, to support the communities served by both banks, including in Brockton, Southeastern Massachusetts, and Rhode Island.
FAQs Regarding HarborOne Shares
Q. Is the merger with Eastern Bank subject to shareholder approval?
A. Yes, all HarborOne shareholders as of a certain date will have the opportunity to vote their shares. That date has not been determined yet.
Q. How do I vote for my shares?
A. You will receive a letter in the mail later this year (timing is still to be determined) with instructions on how to vote your shares.
Q. If I have questions about the best option for converting my shares, who should I speak with?
A. We recommend that you consult your financial advisor. HarborOne Bank is not allowed to provide any advice or recommendations for your personal share conversion elections.
Q. I received my HarborOne dividend checks from Continental. Will they have information about how I convert my shares?
A. Continental has a Shareholder FAQ section on their website (continentalstock.com) for their customers. This has general information that customers may find helpful, but not specific to the HarborOne / Eastern merger.
Q. When should I expect to receive the information about my share conversion?
A. We expect you will receive this information later this year. The exact date has not been determined
Q. Where can I get the most up-to-date information about the merger?
A. Please visit harborone.com/eastern-bank-merger, and there is also a link at the top of the harborone.com homepage. This page will be updated whenever new information is available.
