BROCKTON, Mass.–(BUSINESS WIRE)–HarborOne Bancorp, Inc. (“HarborOne”), Brockton, MA (NASDAQ: HONE), the
parent company of HarborOne Bank, today announced the successful closing
of the previously announced merger of Coastway Bancorp, Inc.
(“Coastway”) with and into HarborOne pursuant to the terms and
conditions of the Agreement and Plan of Merger, entered into by the
parties on March 14, 2018 (the “Merger Agreement”). Additionally,
Coastway Community Bank, a wholly owned subsidiary of Coastway, merged
with and into HarborOne Bank, a wholly owned subsidiary of HarborOne,
with HarborOne Bank continuing as the surviving bank.
Pursuant to the Merger Agreement, each share of Coastway common stock
outstanding at the effective time of the Merger was converted into the
right to receive $28.25 in cash.
“Coastway is a perfect fit for our growing brand and we are excited to
expand our franchise into the greater Providence area,” said James
Blake, Chief Executive Officer at HarborOne. “We are committed to the
customers and the communities that we serve, and I’m thrilled that we’re
bringing that commitment to our new constituencies in Rhode Island.”
About HarborOne Bancorp, Inc.
HarborOne Bancorp, Inc. is the holding company for HarborOne Bank, the
largest co-operative bank in New England. HarborOne Bank serves the
financial needs of consumers, businesses, and municipalities throughout
Eastern Massachusetts through a network of 14 full-service branches, two
limited service branches, two commercial loan offices in Boston,
Massachusetts and Providence, Rhode Island, a residential lending office
in Westford, Massachusetts, and 13 free-standing ATMs. The Bank also
provides a range of educational services through “HarborOne U,” with
classes on small business, financial literacy and personal enrichment at
two campuses located adjacent to our Brockton and Mansfield locations.
HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, is a
full-service mortgage lender with 34 offices in Massachusetts, New
Hampshire and Maine, and also does business in seven additional states.
Certain statements herein constitute forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Exchange Act and are intended to be covered by
the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Such statements may be identified by words such as
“believes,” “will,” “would,” “expects,” “project,” “may,” “could,”
“developments,” “strategic,” “launching,” “opportunities,”
“anticipates,” “estimates,” “intends,” “plans,” “targets” and similar
expressions. These statements are based upon the current beliefs and
expectations of Company management and are subject to significant risks
and uncertainties. Actual results may differ materially from those set
forth in the forward-looking statements as a result of numerous factors.
Factors that could cause such differences to exist include, but are not
limited to, the ability of HarborOne and Coastway to achieve the
synergies and value creation contemplated by the proposed acquisition;
HarborOne and Coastway’s ability to successfully integrate operations in
the proposed acquisition; adverse conditions in the capital and debt
markets and the impact of such conditions on HarborOne’s business
activities; changes in interest rates; competitive pressures from other
financial institutions; the effects of general economic conditions on a
national basis or in the local markets in which HarborOne operates,
including changes that adversely affect borrowers’ ability to service
and repay HarborOne’s loans; changes in the value of securities in
HarborOne’s investment portfolio; changes in loan default and charge-off
rates; fluctuations in real estate values; the adequacy of loan loss
reserves; decreases in deposit levels necessitating increased borrowing
to fund loans and investments; operational risks including, but not
limited to, cybersecurity, fraud and natural disasters; changes in
government regulation; changes in accounting standards and practices;
the risk that goodwill and intangibles recorded in HarborOne’s financial
statements will become impaired; demand for loans in HarborOne’s market
area; HarborOne’s ability to attract and maintain deposits; risks
related to the implementation of acquisitions, dispositions, and
restructurings; the risk that HarborOne may not be successful in the
implementation of its business strategy; changes in assumptions used in
making such forward-looking statements and the risk factors described in
the Annual Report on Form 10 K and Quarterly Reports on Form 10 Q as
filed with the Securities and Exchange Commission (the “SEC”), which are
available at the SEC’s website, www.sec.gov.
Should one or more of these risks materialize or should underlying
beliefs or assumptions prove incorrect, HarborOne Bancorp, Inc.’s actual
results could differ materially from those discussed. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release. HarborOne
disclaims any obligation to publicly update or revise any
forward-looking statements to reflect changes in underlying assumptions
or factors, new information, future events or other changes, except as
required by law.
HarborOne Bancorp, Inc.
Linda Simmons, 508 895-1379