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3d ago

Eastern Bankshares to Acquire HarborOne Bancorp in $490 Million Merger

The deal expands Eastern’s footprint into Rhode Island, strengthens its position in Greater Boston, and reflects a growing trend of regional bank consolidation.

U.S. dollar banknotes are seen in this illustration taken March 19, 2025. REUTERS/Dado Ruvic/Illustration
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Overview

  • Eastern Bankshares will acquire HarborOne Bancorp in a stock and cash deal valued at $490 million, with an expected closing in the fourth quarter of 2025.
  • HarborOne shareholders will have the option to receive 0.765 shares of Eastern or $12 in cash for each share held.
  • The merger will add HarborOne’s $5.7 billion in assets and 30 banking centers to Eastern’s existing $25 billion asset base and operations.
  • Post-merger governance plans include adding HarborOne CEO Joseph Casey and one other HarborOne director to Eastern Bank’s board.
  • The transaction highlights a broader trend of U.S. regional bank mergers aimed at strengthening balance sheets and expanding market reach during uncertain economic conditions.