BROCKTON, Mass.--(BUSINESS WIRE)--HarborOne Bank announced today the establishment of HarborOne Mortgage – consolidating HarborOne Bank’s residential lending business with Merrimack Mortgage into a single wholly-owned subsidiary.
“This is a natural evolution for the robust mortgage business we have been building together since HarborOne acquired Merrimack Mortgage Company three years ago,” said HarborOne Mortgage President Pete Makowiecki. “By combining our mortgage operations into a single cohesive unit – we can more efficiently manage the business at scale while also capitalizing on cross sell opportunities for banking products including retail deposits, small business banking and home equity.”
Merrimack Mortgage Company had operated as a wholly owned subsidiary of HarborOne Bank since it was acquired in 2015. Senior leadership of the newly combined HarborOne Mortgage subsidiary will remain unchanged from the leadership team of Merrimack, which is based in Manchester, NH. Merrimack has allowed HarborOne Bank to significantly increase the size of its fee-based mortgage banking business and secure a stronger foothold in key lending markets in the New England region.
About HarborOne Bank
HarborOne Bank is the largest state chartered co-operative bank in New England with $2.7 billion in assets. HarborOne Bank serves the financial needs of consumers, businesses, and municipalities throughout Southeastern Massachusetts through a network of 14 full-service branches, two limited service branches, a commercial loan office in Providence, Rhode Island, and a residential lending office in Westford, Massachusetts. 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, is a full-service mortgage lender with 34 offices in Massachusetts, New Hampshire and Maine, and also does business in seven additional states.