Depositors OK plan for HarborOne to go public

Depositors of Brockton-based HarborOne last week approved a plan of reorganization and minority stock issuance.
Depositors of Brockton-based HarborOne last week approved a plan of reorganization and minority stock issuance.

BROCKTON – From credit union to co-operative bank to initial public offering, HarborOne Bank has had a busy few years.
Depositors of the Brockton-based bank last week approved a plan of reorganization and minority stock issuance, which was proposed at the beginning of last month. Pending regulatory approval, the bank would reorganize into a two-tier mutual holding company and offer 45 percent of its common stock. The offering would first go to depositors and then to employees, directors and subsidiaries before being made available to the general public.
HarberOne entered the Rhode Island market last June when it opened a commercial loan office in Providence. Three years ago, the bank was a credit union. Now, with $2 billion in assets, the bank is the largest co-operative bank in New England with business operations throughout the region.
Through the public offering, the bank will create a charitable foundation, which it is funding with 0.7 percent of the gross proceeds raised in the minority stock offering and 1.2 percent of the mid-tier holding company’s outstanding shares of common stock following the minority stock offering, according to a federal filing.

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