BROCKTON, Mass.--(BUSINESS WIRE)--HarborOne Bancorp, Inc., the stock holding company of HarborOne Bank, announced today that HarborOne NorthEast Bancorp, Inc., a newly formed corporation that is the proposed successor holding company of the Bank, is commencing its stock offering in connection with the proposed conversion of HarborOne Mutual Bancshares from the mutual holding company structure to the stock holding company form of organization. The Company also announced that the registration statement for the sale of common stock of New HarborOne has been declared effective by the Securities and Exchange Commission.
New HarborOne is offering for sale up to 31,050,000 shares of common stock at a purchase price of $10.00 per share. The shares will be offered in a subscription offering to (i) certain depositors of the Bank, including certain former depositors of Coastway Community Bank which was recently merged into the Bank, (ii) certain of the Bank’s tax-qualified employee benefit plans (including the Bank’s employee stock ownership plan and the Bank's 401(k) Plan and the HarborOne Mortgage Retirement Plan), and (iii) the employees, officers, directors, trustees and corporators of HarborOne Mutual Bancshares, New HarborOne, the Company, the Bank, or HarborOne Mortgage who are not eligible under priority (i) above. Shares of common stock that are not subscribed for in the subscription offering will be offered for sale to members of the general public in a community offering, with preference given to residents of specified cities and towns of Massachusetts and Rhode Island.
The subscription and community offerings are being managed by Sandler O’Neill & Partners, L.P. All questions concerning the offering or requests for offering materials should be directed to the Stock Information Center at (508) 895-1015. The Stock Information Center, located at 131 Copeland Drive, Mansfield, Massachusetts, will be open Monday through Friday from 10:00 a.m. to 4:00 p.m., Eastern Time through July 22, 2019, the scheduled expiration date of the subscription offering. Please note, the Stock Information Center will be closed from 12:00 noon Wednesday, July 3, through 10:00 a.m. Monday, July 8, in observance of the July 4 holiday.
New HarborOne must sell at least 22,950,000 shares of its common stock in the offering. Completion of the conversion and offering is also subject to the receipt of all regulatory approvals, the approval of the Company’s shareholders and other customary closing conditions.
About HarborOne Bancorp, Inc.
HarborOne Bancorp, Inc. (NASDAQ: HONE) is the holding company for HarborOne Bank, the largest co-operative bank in New England. HarborOne Bank serves the financial needs of consumers, businesses, and municipalities throughout Eastern Massachusetts and Rhode Island with 24 full-service branches located in Massachusetts and Rhode Island, one limited-service bank office, 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 wholly owned subsidiary of the Bank, is a residential mortgage company headquartered in New Hampshire that maintains 34 offices in Massachusetts, Rhode Island, New Hampshire, Maine and New Jersey, and is also licensed to lend in five additional states.
