PROVIDNECE – HarborOne Bancorp Inc. will commence its secondory offering, beginning with the conversion of HarborOne Mutual Bancshares from the mutual holding company structure to the stock holding form of a corporation, the company announced Monday
The company also noted that the proposed new holding company for the bank is named HarborOne NorthEast Bancorp Inc., known as New HarborOne.
In the offering, the company will be selling up to 31.05 million shares, priced at $10 per share. The bank organization must also sell more than 22.95 million shares as part of the conversion, it said. The sale is the execution of the company’s plan to go fully public. The company completed an initial public offering in 2016.
HarborOne executives previously told PBN that the plan to go fully public was driven by a desire for more capital that will allow the company to execute a high-growth plan.
Initially, the stock offering will be available to certain depositors of the bank, including former depositors of Coastway Community Bank (which the company acquired in 2018), to the bank’s tax-qualified employee benefit plans, to employees, directors, officers, trustees and corporators of HarborOne Mutual Bancshares, and New HarborOne and HarborOne Mortgage employees.
Following the subscription sale, common stock will be offered to the general public, with preference given to residents of specified cities and towns in Massachusetts and Rhode Island.
The company also noted that the registration statement for the sale of common stock of New HarborOne was declared effective by the U.S. Securities and Exchange Commission.
