HarborOne Bank enters R.I. market

HARBORONE BANK has opened a commercial loan office in downtown Providence - its first location in Rhode Island.
HARBORONE BANK has opened a commercial loan office in downtown Providence - its first location in Rhode Island.

PROVIDENCE – HarborOne Bank, based in Brockton, Mass., entered the Rhode Island banking market on Monday with the opening of a commercial loan office in downtown Providence.
The bank, with $2 billion in assets, claims to be the largest co-operative bank in New England and opened the commercial loan office at 40 Westminster St., suite 703. The bank says the opening advances its plans to grow its commercial lending footprint.
“Introducing new customers to our brand and our lending expertise is an integral part of our growth strategy and we have a terrific commercial lending team ready to start working with Providence business owners,” James W. Blake, president and CEO, said in a statement.
The move builds off the bank’s last month announcement that it would acquire the privately held home-loan originator Merrimack Mortgage Company Inc., of Manchester, N.H., which averages about $1 billion in home loans each year, according to a press release. Merrimack is licensed in Rhode Island, according to a bank press release in May.
The Providence location marks HarborOne’s first new commercial office since 2013, which is the year it converted from a credit union into a co-operative bank.
HarborOne vice presidents Matthew Insana and George Sadler will lead the Providence office’s commercial lending services. The bank says the duo have “extensive experience in the southeastern Massachusetts and Providence markets.”
Insana, a Rhode Island native and Providence College graduate, most recently worked at Rockland Trust and Sovereign Bank (now Santander Bank) before joining HarberOne in 2012. Sadler, of Rehoboth, Mass., worked for both RBS Citizens Financial Group Inc. and Fleet National Bank (now Bank of America) before joining HarborOne in 2014.
HarborOne has 14 full-service branches, a limited-service branch at Brockton High School and 13 free standing ATMs.

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