HarborOne Bancorp, the parent company of HarborOne Bank, has completed the Coastway Bancorp acquisition for nearly $125.6m.
With the acquisition now complete, Coastway Community Bank has merged with and into the HarborOne Bank.
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Last month, the company received all pending regulatory approvals to complete the transaction including the consent from the Board of Governors of the Federal Reserve System.
The acquisition, announced in March this year, strengthens HarborOne Bank presence in the Rhode Island market.
HarborOne CEO James Blake said: “Coastway is a perfect fit for our growing brand and we are excited to expand our franchise into the greater Providence area.
“We are committed to the customers and the communities that we serve, and I’m thrilled that we’re bringing that commitment to our new constituencies in Rhode Island.”
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By GlobalDataCoastway Community Bank has nine branches in the greater Providence area along with three mortgage lending offices.
As of 31 December 2017, the company has $739m in assets and $477m in deposits.
During the announcement of the acquisition, Coastway president and CEO William White said: “This is a great union for both companies, and our customers will benefit with access to expanded mobile banking capabilities, rewards and affinity programs, and new products.”
The combined unit will serve its customers through 65 locations located across Massachusetts, Rhode Island, New Hampshire and Maine.
