BROCKTON, Mass. – HarborOne Credit Union announced last week that its conversion to a Massachusetts cooperative bank is now complete.
As of July 1, the bank began operating under the name HarborOne Bank.
The final steps in the regulatory process of HarborOne converting its charter from that of a credit union to a bank were completed after June 18, when the FDIC issued regulatory approval for FDIC insurance. In April 2013, the NCUA Office of Consumer Protection notified HarborOne that it complied with the procedural requirements of the NCUA’s conversion regulations, thus allowing the financial institution to proceed with its plans to transition to a Massachusetts cooperative bank charter.
With $1.9 billion in assets, Harbor-One Bank will be the largest cooperative bank in New England, the company said. •