HarborOne Bank to acquire four former East Boston Savings Bank branch locations from Rockland Trust
September 23 2021 - 8:05AM
Business Wire
New HarborOne branches located in Brighton,
Cambridge and Brookline will further expand the bank’s footprint in
Greater Boston
HarborOne Bancorp, Inc. (the “Company”) (NASDAQ: HONE), the
holding company of HarborOne Bank (the “Bank”), today announced
that the Bank has agreed to acquire four former East Boston Savings
Bank branches located in Brighton, Cambridge and Brookline,
Massachusetts from Rockland Trust Company (“Rockland Trust”) –
further extending HarborOne’s footprint in Greater Boston. The
transaction is subject to a number of contingencies and is expected
to close after the completion of Rockland Trust’s acquisition of
East Boston Savings Bank later this year.
The new locations will accelerate the Bank’s expansion strategy
within Greater Boston, which began with the opening of a Boston
loan production office on Broad Street in 2018, quickly followed by
a full service branch at the same location in 2019. New HarborOne
branch locations in Quincy and South Boston have opened over the
last year. A market-driven activation strategy has generated over
$370 million in loans outstanding and over $100 million in deposit
relationships from these locations.
“These new branches will expand our Greater Boston regional
presence at a time of substantial market disruption caused by the
sale of several community banks,” said Joe Casey, HarborOne Bank
President and Chief Operating Officer. “We believe our experienced
neighborhood banking teams will be in a unique position to provide
the personal, consultative banking services that we are known for,
and customers will come to trust the overall banking experience
that we deliver.”
The new HarborOne branches will feature comprehensive retail and
consumer banking services, a full suite of small business and
commercial banking products and services, and an array of credit
and lending products for both commercial and personal banking
needs. Services will also include HarborOne’s new One2One
appointment banking service, allowing customers to meet with their
banker of choice in person, over the phone, or via video conference
to ask questions, get advice, and open new accounts.
The Bank has agreed to acquire the leases to the East Boston
Savings Bank branches, along with the furniture, fixtures, and
equipment. The Bank has also agreed to retain the former East
Boston Savings Bank staff who work at the branches to ensure
continuity in the markets, and has also recently hired two
experienced business bankers with deep connections in Greater
Boston to complement the existing team of commercial bankers.
“We’re excited for the opportunity to open new branches in these
well-established areas, where demand for retail and commercial
banking services is so strong,” said James Blake, CEO of HarborOne
Bank. “Our presence in the Boston area has grown significantly in
recent years – allowing us to better serve long-time customers who
commute to the city and to build new relationships with people
attracted to our strong service commitment.”
HarborOne’s relationship banking experts will continue to
execute the Bank’s unique partnership approach to delivering
solutions for customers, from tailored savings plans and credit
management strategies for consumers, to loans and lines of credit,
cash management services, and growth strategies for businesses.
HarborOne will also expand its acclaimed HarborOne U professional
development and personal enrichment educational programming to new
audiences in these new markets.
The new branches are located at 1608 Commonwealth Avenue,
Brighton, MA; 1952-1956 Beacon Street (Cleveland Circle), Brighton,
MA; 1739 Massachusetts Avenue, Cambridge, MA; and 473 Harvard
Street, Brookline, MA.
According to the U.S. Census, Suffolk County led the
Commonwealth of Massachusetts with 11.3 percent population growth
over the past 10 years -- more than double the growth rate in
Massachusetts overall -- showing that new residents are being drawn
to the area, even as housing and other living costs have steadily
increased. Meanwhile, there has been a recent wave of
consolidations involving Massachusetts banks, including Rockland
Trust’s pending acquisition of East Boston Savings Bank and Eastern
Bank’s pending acquisition of Century Bank, as well as People’s
United and Boston Private Financial Holdings Inc. both having
agreed to be bought by banks from outside the New England region.
HarborOne has been looking for opportunities to capitalize on the
disruption caused by these mergers, as it executes on its long-term
plans to further expand into Greater Boston.
About HarborOne Bancorp, Inc.
HarborOne Bancorp, Inc. is the holding company for HarborOne
Bank, a Massachusetts-chartered savings bank. HarborOne Bank serves
the financial needs of consumers, businesses, and municipalities
throughout Eastern Massachusetts and Rhode Island through a network
of 27 full-service branches located in Massachusetts and Rhode
Island, and a commercial lending office in each of Boston,
Massachusetts and Providence, Rhode Island. The Bank also provides
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 Mortgage, LLC, a subsidiary of HarborOne Bank,
is a full-service mortgage lender with more than 30 offices in
Massachusetts, Rhode Island, New Hampshire and Maine and is
licensed to lend in five additional states.
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Media: Marissa Sullivan Marissa@sevenletter.com
617-646-1067
Investor Relations: Linda Simmons, EVP/CFO
lsimmons@harborone.com 508-895-1379
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