HarborOne Bancorp Inc. Faces Q1 Profit Decline and Announces Merger with Eastern Bankshares

HarborOne Bancorp, Inc., a financial institution based in Brockton, United States, has recently reported a decrease in its first-quarter profit, falling short of market expectations. The company, which operates on the Nasdaq stock exchange, offers a comprehensive suite of banking services including checking accounts, certificates of deposits, wealth management, debit and credit cards, home loans, mortgages, online banking, and cash flow solutions. Despite its diverse offerings, the bank’s close price on April 22, 2025, stood at $9.95, reflecting a decline from its 52-week high of $14 on July 25, 2024, and a low of $8.89 on April 10, 2025. The market capitalization of HarborOne Bancorp is currently valued at $406.25 million, with a price-to-earnings ratio of 14.19.

In a significant development, HarborOne Bancorp has entered into a definitive merger agreement with Eastern Bankshares, Inc., the holding company for Eastern Bank. This merger is poised to solidify Eastern’s leading position in the Greater Boston area while expanding its footprint into Rhode Island. The transaction is financially compelling, with an expected 16% earnings per share (EPS) accretion, leading to top-quartile operating profitability. The pro forma balance sheet of the merged entity is anticipated to have robust capital, liquidity, and reserves.

Under the terms of the merger agreement, which has been unanimously approved by the boards of directors of both companies, HarborOne shareholders will have the option to receive either 0.765 shares of Eastern common stock or $12 in cash for each share of HarborOne common stock. This merger, valued at approximately $490 million, is part of a broader trend of consolidation among U.S. regional banks.

The merger is expected to enhance the competitive positioning of the combined entity, leveraging Eastern’s established presence and HarborOne’s regional expertise. As the financial landscape continues to evolve, this strategic move is anticipated to create a stronger, more resilient institution capable of delivering enhanced value to its customers and shareholders.

For further details, HarborOne Bancorp can be reached through its website at www.harboronebancorp.com .