Eastern Bankshares, Inc. (EBC) entered a merger agreement on April 24, 2025, to acquire HarborOne Bancorp, Inc. (HONE) in a deal valued at about $796.78 million, including debt.
Under the terms of the agreement, shareholders of HarborOne will receive, for each share of HarborOne common stock, either 0.765 shares of Eastern common stock or $12 in cash, at the election of the shareholder. The cash consideration represents a 19.28% premium from the stock’s last close.
The election is subject to allocation procedures designed to ensure that between 75% and 85% of the total outstanding shares of HarborOne common stock are exchanged for stock consideration. The transaction is valued at approximately $490 million, excluding debt.
HarborOne is a Massachusetts-based financial services company that operates through HarborOne Bank and HarborOne Mortgage, offering banking, lending, and educational resources to consumers, businesses, and municipalities across Massachusetts, Rhode Island, and beyond.
Eastern Bankshares is a Boston-based financial services holding company for Eastern Bank, offering a full range of banking, lending, and wealth management solutions to individuals, businesses, and institutions across Massachusetts, New Hampshire, Rhode Island, and Connecticut.
Eastern Bankshares has $25 billion in assets, while HarborOne Bank, founded in 1917, holds $5.7 billion in assets.
The merger, expected to close in the fourth quarter of 2025, will strengthen Eastern Bankshares’ presence in the Greater Boston area and support its strategic expansion into Rhode Island.
Upon completion of the merger, CEO Joseph Casey and one additional director from HarborOne are expected to join Eastern’s Board of Directors.
J.P. Morgan Securities acted as financial advisor and Nutter McClennen & Fish served as legal counsel to Eastern. Raymond James & Associates served as financial advisor to HarborOne, with legal counsel provided by Goodwin Procter.
Eastern Bankshares is paying 0.88 times the tangible book value for HarborOne.
For more details about this merger & acquisition transaction, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of HarborOne Bancorp, Inc. (HONE) by Eastern Bankshares, Inc. (EBC)
The Deal Metrics page for each merger or acquisition includes:
– A spread history chart of the merger from announcement through completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And more.
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Editor’s Note: Baranjot Kaur contributed to this article