WARWICK – Stockholders of Coastway Bancorp. Inc. overwhelmingly approved HarborOne Bancorp Inc.’s acquisition of the company, voting 3.1 million to 13,607 in favor of the deal.
HarborOne estimated the deal to be an all-cash acquisition worth about $125.6 million. Coastway would merge into the Massachusetts-based bank with $2.7 billion in assets.
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The addition of Coastway will expand HarborOne’s regional financial service footprint.
HarborOne estimated the deal would make it the 12th-largest publicly traded New England community bank based on assets, with 65 locations in Massachusetts, Rhode Island, New Hampshire and Maine.
Coastway stockholders will receive $28.25 for each share of Coastway common stock.
Expected to close in the second half of 2018, the transaction is subject to customary closing conditions, including required regulatory approvals.
Chris Bergenheim is the PBN web editor.
