William A. White | President and CEO, Coastway Community Bank
1. HarborOne has agreed to acquire Coastway, a deal expected to close this year. How did this deal materialize? As is the case with many smaller companies, Coastway was seeing a need for more capital to continue its impressive growth record since becoming a publicly traded company. We thought of seeking out a partner to assist us with not only handling our growth but being able to also help us advance our technology needs and additional products and services. HarborOne, with its common background with Coastway, fit that bill perfectly.
2. How is the deal beneficial to Coastway and its business in Rhode Island? Coastway customers, both on the retail and the commercial end, will benefit from additional borrowing capacity and deposit products, as well as adding 14 branches in the nearby southeastern Mass. area. In addition, HarborOne produced over $1 billion of residential mortgages throughout New England last year.
3. What’s the expected impact on Coastway retail customers? All Coastway branch locations will remain intact, and in fact HarborOne is seeking to aggressively expand its branch network, which should provide additional conveniences to retail customers. New products and services will soon be available, as well as market-competitive deposit rates. In addition, HarborOne excels in residential lending and will be working with Coastway’s existing experienced lenders to expand Coastway’s market-leading position in Rhode Island home mortgages.
4. How about its business customers? Coastway’s existing business customers will gain [regional] exposure, as well as significantly increased borrowing capacity to handle their individual borrowing needs. … The additional resources that Harbor One will bring to the table will ensure that existing tradition continues.
5. What role will you play in the company after the deal and how does it help to have that local representation? I will continue on as the director of Rhode Island banking after the acquisition; many of our employees will also be retained, including branch personnel, mortgage lenders and commercial lenders. … HarborOne wants to continue to establish its local presence in Rhode Island as a community organization with hands-on care, hands-on knowledge and decision-making.
