HarborOne Bancorp has agreed to buy Coastway Bancorp in a cash deal valued at about $125.6m to boost its presence in the Rhode Island market.

Under the terms of the transaction, for each share of Coastway common stock, its stockholders will receive $28.25 in cash.

Coastway is the parent company of Coastway Community Bank. As of 31 December 2017, Coastway had $739m in assets and $477m in deposits. It manages nine branch offices in the greater Providence area, as well as three mortgage lending offices.

The integrated entity will operate 65 offices and serve individuals and business across Massachusetts, Rhode Island, New Hampshire and Maine.

Based on total assets, the combined company will be the 12th largest publicly-traded New England community bank and the number one mortgage lender in Rhode Island.

HarborOne Bancorp president and CEO James Blake said: “This is a strategic acquisition for HarborOne, and a great fit with our growth plan. The Rhode Island market is incredibly attractive to us, and Coastway’s established position provides a natural extension of our successful Commercial Lending business in Rhode Island.

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“This is a unique opportunity for HarborOne to access excellent customer demographics and grow our business.”

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. For those who choose to use our branches, all of our branches will remain open so they will continue to enjoy the convenience they’re used to.”

The transaction, which is scheduled to be completed during second half of 2018 following regulatory approvals, has been unanimously approved by the boards of directors of both banks.