HarborOne enters R.I. market with loan office

PROVIDENCE – HarborOne Bank, based in Brockton, Mass., entered the Rhode Island banking market last week with the opening of a commercial loan office in downtown Providence.

The bank, with $2 billion in assets, claims to be the largest cooperative bank in New England and opened the commercial loan office at 40 Westminster St., suite 703. The bank says the opening advances its plans to grow its commercial-lending footprint.

The move builds off the bank’s announcement last month that it would acquire the privately held home-loan originator Merrimack Mortgage Co. Inc., of Manchester, N.H., which averages about $1 billion in home loans each year, according to a press release. Merrimack is licensed in Rhode Island, according to a bank press release in May.

The Providence location marks HarborOne’s first new commercial office since 2013, which is the year it converted from a credit union into a cooperative bank.

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Matthew Insana and George Sadler, HarborOne vice presidents, will lead the Providence office’s commercial-lending services.

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