Eastern and HarborOne receive regulatory approvals for merger

BOSTON - Eastern Bankshares, Inc. (NASDAQ:EBC) and HarborOne Bancorp, Inc. (NASDAQ:HONE) announced Friday they have received all necessary regulatory approvals for their proposed merger, which is expected to close around November 1, 2025. HarborOne, currently trading near its 52-week high at $13.75, has shown impressive momentum with a 31% gain over the past six months.

The merger, initially announced on April 24, 2025, will create a $30 billion community-focused organization with an expanded branch network extending into Rhode Island. HarborOne, with its current market capitalization of $558 million and P/E ratio of 21.1, offers shareholders a dividend yield of 2.64%. According to InvestingPro, two analysts have recently revised their earnings expectations upward for the upcoming period. HarborOne shareholders approved all matters supporting the merger on August 20, 2025.

Following the merger completion, HarborOne Bank will operate as a division of Eastern Bank for approximately four months. Customers will continue to be served through their respective branches, websites, and mobile applications until the full integration of banking systems, expected to occur on February 21, 2026.

"We are pleased to have received the required regulatory approvals for our merger with HarborOne and look forward to completing the integration of our two companies early next year," said Bob Rivers, Executive Chair of Eastern Bankshares.

Joseph F. Casey, HarborOne’s President and CEO, who will join the Eastern Boards, stated, "This is an exciting time as our two banks come together. We share a deep commitment to colleague development, personalized customer service and community engagement."

Eastern Bank currently operates 109 branch locations in eastern Massachusetts, southern and coastal New Hampshire, Rhode Island, and Connecticut, with approximately $25.5 billion in assets as of June 30, 2025. HarborOne Bank serves customers through 30 full-service banking centers in Massachusetts and Rhode Island.

HarborOne customers will receive communications regarding product and account conversions prior to the February 2026 system integration, according to the press release statement. For investors seeking deeper insights into HarborOne’s financial health and valuation metrics, InvestingPro offers exclusive analysis and additional ProTips that could help inform investment decisions during this transition period.

In other recent news, HarborOne Bancorp announced a quarterly cash dividend of $0.09 per share. The dividend is scheduled to be paid on July 23, 2025, to shareholders who are recorded by July 9, 2025. This decision was made by the company’s Board of Directors and was communicated through a press release. While there were no earnings or revenue updates, the dividend declaration is a notable development for investors. There were no reports of mergers or acquisitions involving HarborOne Bancorp. Additionally, there have been no recent analyst upgrades or downgrades reported for the company. The announcement reflects the company’s ongoing commitment to returning value to its shareholders.

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