HarborOne to Merge with Eastern Bankshares in $490M Deal
Deal News | Apr 25, 2025 | Goodwin
HarborOne Bancorp, Inc., the holding company for HarborOne Bank, has entered into a definitive merger agreement with Eastern Bankshares, Inc. The merger, valued at approximately $490 million, is structured as a stock and cash transaction. The combined company will boast $31 billion in assets, $26 billion in deposits, and $8.5 billion in assets under management. HarborOne Bank serves a wide range of clients across Eastern Massachusetts and Rhode Island with a network of 30 banking centers and various educational offerings through HarborOne U. HarborOne Mortgage, a subsidiary, extends mortgage lending services across New England. Goodwin's Financial Services and Banking teams, led by Samantha Kirby, provided legal advisory services for the merger.
Sectors
- Financial Services
- Banking
- Legal Advisory
Geography
- United States – Both HarborOne Bancorp and Eastern Bankshares, as well as the advisory, are based in the United States, with operations primarily in the Northeastern region.
- Massachusetts – HarborOne Bank and its parent company, HarborOne Bancorp, are headquartered in Massachusetts and have extensive operations within the state.
- Rhode Island – HarborOne Bank has a presence in Rhode Island, contributing to the geographical relevance of the merger.
Industry
- Financial Services – Both HarborOne Bancorp and Eastern Bankshares operate within the financial services sector, providing a range of banking and financial solutions to customers.
- Banking – This deal involves the merger of two banking institutions: HarborOne Bank and Eastern Bankshares, indicating a significant transaction within the banking industry.
- Legal Advisory – Goodwin, the law firm advising on the merger, specializes in providing legal services for financial transactions and mergers.
Financials
- $490,000,000 – The total value of the merger transaction between HarborOne Bancorp and Eastern Bankshares.
- $31,000,000,000 – The expected total asset value of the combined company post-merger.
- $26,000,000,000 – The expected total deposits of the combined company post-merger.
- $8,500,000,000 – The expected assets under management of the combined company post-merger.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| HarborOne Bancorp, Inc. | Target | Company | The holding company for HarborOne Bank, involved in the merger with Eastern Bankshares. |
| Eastern Bankshares, Inc. | Bidding Company | Company | The company that will merge with HarborOne Bancorp in the transaction. |
| Goodwin | Legal Advisor | Company | The law firm advising HarborOne Bancorp on the merger agreement. |
| Samantha Kirby | Lead Legal Advisor | Person | Led the Goodwin team in advising HarborOne Bancorp during the merger process. |