Eastern Bankshares Announces $490 Million Acquisition of HarborOne Bancorp

Published 3 hours agoEBC

Eastern Bankshares Announces $490 Million Acquisition of HarborOne Bancorp

Eastern Bankshares has revealed its plans to acquire HarborOne Bancorp for $490 million, signifying a major move in the U.S. regional banking sector. Under the terms of the agreement, HarborOne shareholders have the option to receive either 0.765 shares of Eastern Bankshares or $12 in cash for each share they hold. This offer provides a premium to HarborOne's closing share price of $10.06 as of April 24, 2025, enhancing the attractiveness of the deal.

The merger is poised to bolster Eastern Bankshares' footprint in the Greater Boston area and facilitate an expansion into Rhode Island. This move is aimed at capitalizing on regional consolidation efforts within the banking industry, amid economic uncertainties and a declining demand for new loans. According to Reuters, the advisors for the deal include J.P. Morgan Securities LLC for Eastern Bankshares and Raymond James & Associates for HarborOne Bancorp, reflecting the importance and scale of the transaction.

Recent trends in the banking sector have seen a wave of consolidations, driven by a need to enhance balance sheets, diversify offerings, and scale operations in a challenging economic environment. Eastern Bankshares and HarborOne's merger aligns with these industry dynamics, aiming to create a stronger banking presence and boost competitive positioning in the region.

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