Eastern Bankshares has announced a merger agreement with HarborOne Bancorp valued at approximately $490 million in a stock-and-cash transaction that would extend Eastern's footprint into Rhode Island. Eastern is the largest mid-sized bank by deposits in the Boston area. The deal, disclosed on 24 April 2025, combines two New England lenders.
The combined entity is expected to have $31 billion in assets and $26 billion in deposits.
APPROVALS AND ADVISERS
The deal requires approval from HarborOne shareholders (no Eastern shareholder vote is required) as well as from federal and state banking regulators.
HarborOne was advised by Raymond James & Associates and Goodwin Procter, and Eastern by J.P. Morgan Securities and Nutter McClennen & Fish. The terms are set out in the companies' filings with the Securities and Exchange Commission. Closing is expected in the fourth quarter of 2025, subject to customary conditions.
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