BROCKTON, Mass.--(BUSINESS WIRE)--HarborOne Credit Union announced today that its conversion to a Massachusetts co-operative bank is now complete. On Monday July 1, 2013 HarborOne will begin operating under the name HarborOne Bank.
The final steps in the regulatory process of HarborOne converting its charter from that of a credit union to a bank were completed after June 18, when the FDIC issued regulatory approval for FDIC insurance. In April 2013, the NCUA Office of Consumer Protection notified HarborOne that it complied with the procedural requirements of the NCUA’s conversion regulations, thus allowing the financial institution to proceed with its plans to transition to a Massachusetts co-operative bank charter.
With $1.9 billion in assets, HarborOne Bank will be the largest co-operative bank in New England. HarborOne Bank will serve the financial needs of consumer and business banking customers throughout Massachusetts through a network of 14 full-service branches, and a mortgage office in Centerville. 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. It received its 5th consecutive “Outstanding” rating for performance on the Community Reinvestment Act (CRA) from the Massachusetts Division of Banks.