BROCKTON, Mass.--(BUSINESS WIRE)--HarborOne Bancorp, Inc. (the “Company”), Brockton, MA (NASDAQ: HONE), the holding company for HarborOne Bank (the “Bank”) today announced that it has received the requisite regulatory approvals from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Massachusetts Division of Banks and the Rhode Island Department of Business Regulation necessary to complete the acquisition of Coastway Bancorp, Inc. (“Coastway”) and the related merger of Coastway Community Bank with and into the Bank.
The Company and Coastway have set October 5, 2018 as the closing date for the merger, subject to the satisfaction of customary closing conditions.
About HarborOne Bancorp, Inc.
HarborOne Bancorp, Inc. 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 through a network of 14 full-service branches, two limited service branches, two commercial loan offices in Boston, Massachusetts and Providence, Rhode Island, a residential lending office in Westford, Massachusetts, and 13 free-standing ATMs. HarborOne 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 34 offices in Massachusetts, New Hampshire and Maine, and also does business in seven additional states.
Forward-Looking Statements
Certain statements herein
constitute forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Exchange Act and are intended to be covered by the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Such
statements may be identified by words such as “believes,” “will,”
“would,” “expects,” “project,” “may,” “could,” “developments,”
“strategic,” “launching,” “opportunities,” “anticipates,” “estimates,”
“intends,” “plans,” “targets” and similar expressions. These statements
are based upon the current beliefs and expectations of Company
management and are subject to significant risks and uncertainties.
Actual results may differ materially from those set forth in the
forward-looking statements as a result of numerous factors. Factors that
could cause such differences to exist include, but are not limited to,
the ability of the Company and Coastway to achieve the synergies and
value creation contemplated by the proposed acquisition; the Company and
Coastway’s ability to successfully integrate operations in the proposed
acquisition; the effect of the announcement of the proposed acquisition
on the ability of Coastway to maintain relationships with its key
partners, customers and employees, and on its operating business
generally; adverse conditions in the capital and debt markets and the
impact of such conditions on the Company’s business activities; changes
in interest rates; competitive pressures from other financial
institutions; the effects of general economic conditions on a national
basis or in the local markets in which the Company operates, including
changes that adversely affect borrowers’ ability to service and repay
the Company’s loans; changes in the value of securities in the Company’s
investment portfolio; changes in loan default and charge-off rates;
fluctuations in real estate values; the adequacy of loan loss reserves;
decreases in deposit levels necessitating increased borrowing to fund
loans and investments; operational risks including, but not limited to,
cybersecurity, fraud and natural disasters; changes in government
regulation; changes in accounting standards and practices; the risk that
goodwill and intangibles recorded in the Company’s financial statements
will become impaired; demand for loans in the Company’s market area; the
Company’s ability to attract and maintain deposits; risks related to the
implementation of acquisitions, dispositions, and restructurings; the
risk that the Company may not be successful in the implementation of its
business strategy; changes in assumptions used in making such
forward-looking statements and the risk factors described in the Annual
Report on Form 10 K and Quarterly Reports on Form 10 Q as filed with the
Securities and Exchange Commission (the “SEC”), which are available at
the SEC’s website, www.sec.gov.
Should one or more of these risks materialize or should underlying
beliefs or assumptions prove incorrect, HarborOne Bancorp, Inc.’s actual
results could differ materially from those discussed. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release. The Company
disclaims any obligation to publicly update or revise any
forward-looking statements to reflect changes in underlying assumptions
or factors, new information, future events or other changes, except as
required by law.
