PROVIDENCE – HarborOne Bank’s holding company has completed its conversion to a fully public stock holding company, as well as a related stock offering.
HarborOne Northeast Bancorp Inc. began trading stock Thursday under its new corporate designation.
After receiving final regulatory approval for the conversion this week, the company announced a $310.4 million public stock offering. The company expected to sell more than 31 million shares of common stock at $10 per share on the Nasdaq Global Select Market under the symbol “HONE.”
HarborOne said the offering was oversubscribed, so preference was given to eligible depositors, the bank’s employee stock ownership plan and Massachusetts and Rhode Island residents.
Brockton, Mass.-based HarborOne, the largest cooperative bank in New England, operates 24 branches in Massachusetts and Rhode Island with commercial lending offices in Boston and Providence.
The bank first announced that it would go fully public in March, following the completion of its acquisition in October of Warwick-based Coastway Community Bank’s holding company for $125.6 million.
HarborOne Mutual Bancshares and HarborOne Bancorp. Inc., the bank’s previous mid-tier holding company, ceased to exist at the closing of the conversion.
Under the stock offering, each existing share of its common stock held by public shareholders other than the bank’s holding company will be converted into the right to receive 1.7954 shares of New HarborOne common stock, with cash to be paid in lieu of any fractional shares.
The stock was trading at $10.12 per share as of 12:30 p.m.
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.
