Eastern Bankshares and HarborOne Bancorp have signed a definitive agreement to merge, with the transaction valued at around $490m.
This will see HarborOne merge with and into Eastern in cash-stock deal.
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The completion of the merger is anticipated in the fourth quarter (Q4) of 2025, contingent on customary conditions such as regulatory approvals and shareholder consent from HarborOne.
All directors and executive officers of HarborOne have committed to supporting the merger.
Following the merger, Joseph Casey and another director from HarborOne are expected to join Eastern’s board of directors.
Eastern Bankshares operates as the holding company for Eastern Bank, which has been serving Greater Boston since 1818 and currently operates 109 branches across eastern Massachusetts, southern and coastal New Hampshire, Rhode Island, and Connecticut.
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By GlobalDataAs of 31 March 2025, Eastern Bank reported assets totalling approximately $25bn and offers a comprehensive range of banking and wealth management services.
Eastern Bankshares and Eastern Bank CEO Denis Sheahan said: “Importantly, it is a financially compelling transaction with 16% earnings accretion and a tangible book value earnback of 2.8 years. There are clear opportunities to generate higher returns, improve operating efficiency, and deliver sustained value to shareholders.”
HarborOne Bancorp is the holding company for HarborOne Bank, which operates 30 full-service banking centres in Massachusetts and Rhode Island.
The bank provides financial services to consumers, businesses, and municipalities, and offers educational resources through its “HarborOne U” initiative.
Additionally, HarborOne Mortgage, a subsidiary of HarborOne Bank, provides mortgage services across New England and beyond.
HarborOne president and CEO Joseph Casey said: “Partnering with Eastern brings further scale, resources, and innovation to deliver long-term value and enhanced banking experiences to our customers and local communities. We look forward to building upon the legacy forged by HarborOne for over a century.”
