BROCKTON, Mass.–(BUSINESS WIRE)–HarborOne Bancorp, Inc. (the “Company”) (NASDAQ: HONE), the stock
holding company for HarborOne Bank (the “Bank”), today announced that
the depositors of the Bank have approved the previously announced Plan
of Conversion, pursuant to which the Company will reorganize into a
fully public stock holding company structure and will conduct a
second-step stock offering of new shares of common stock.
This release is neither an offer to sell nor a solicitation of an
offer to buy common stock. The offer is made only by the prospectus when
accompanied by a stock order form. The shares of common stock of the new
holding company are not savings accounts or savings deposits, may lose
value and are not insured by the Federal Deposit Insurance Corporation,
any other government agency or the Share Insurance Fund of the
Cooperative Central Bank.
About HarborOne Bancorp, Inc.
HarborOne Bancorp, Inc. is the
holding company for HarborOne Bank, the largest co-operative bank in New
England. HarborOne Bank serves the financial needs of consumers,
businesses, and municipalities throughout Eastern Massachusetts and
Rhode Island with 24 full-service branches located in Massachusetts and
Rhode Island, one limited-service bank office, and a commercial lending
office in each of Boston, Massachusetts, and Providence, Rhode Island.
The Bank also provides a range of educational services through
“HarborOne U,” with classes on small business, financial literacy and
personal enrichment at two campuses located adjacent to our Brockton and
Mansfield locations. HarborOne Mortgage, LLC, a wholly owned subsidiary
of the Bank, is a residential mortgage company headquartered in New
Hampshire that maintains 34 offices in Massachusetts, Rhode Island, New
Hampshire, Maine and New Jersey, and is also licensed to lend in five
additional states.
Forward-Looking Statements
Certain statements herein
constitute forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Exchange Act and are intended to be covered by the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Such
statements may be identified by words such as “believes,” “will,”
“would,” “expects,” “project,” “may,” “could,” “developments,”
“strategic,” “launching,” “opportunities,” “anticipates,” “estimates,”
“intends,” “plans,” “targets” and similar expressions. These statements
are based upon the current beliefs and expectations of Company
management and are subject to significant risks and uncertainties.
Actual results may differ materially from those set forth in the
forward-looking statements as a result of numerous factors. Factors that
could cause such differences to exist include, but are not limited to,
the failure to obtain the approval of the Board of Governors of the
Federal Reserve or the Massachusetts Commissioner of Banks for the
proposed conversion and related stock offering, delays in obtaining such
approvals or adverse conditions imposed in connection with such
approvals; the effect of the announcement of the proposed plan of
conversion on the ability of Company to maintain relationships with its
key partners, customers and employees, and on its operating business
generally; adverse conditions in the capital and debt markets and the
impact of such conditions on the Company’s business activities; changes
in interest rates; competitive pressures from other financial
institutions; the effects of general economic conditions on a national
basis or in the local markets in which the Company operates, including
changes that adversely affect borrowers’ ability to service and repay
the Company’s loans; changes in the value of securities in the Company’s
investment portfolio; changes in loan default and charge-off rates;
fluctuations in real estate values; the adequacy of loan loss reserves;
decreases in deposit levels necessitating increased borrowing to fund
loans and investments; operational risks including, but not limited to,
cybersecurity, fraud and natural disasters; changes in government
regulation; changes in accounting standards and practices; the risk that
goodwill and intangibles recorded in the Company’s financial statements
will become impaired; demand for loans in the Company’s market area; the
Company’s ability to attract and maintain deposits; risks related to the
implementation of acquisitions, dispositions, and restructurings; the
risk that the Company may not be successful in the implementation of its
business strategy; changes in assumptions used in making such
forward-looking statements and the risk factors described in the Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the
Securities and Exchange Commission (the “SEC”), which are available at
the SEC’s website, www.sec.gov.
Should one or more of these risks materialize or should underlying
beliefs or assumptions prove incorrect, HarborOne Bancorp, Inc.’s actual
results could differ materially from those discussed. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release. The Company
disclaims any obligation to publicly update or revise any
forward-looking statements to reflect changes in underlying assumptions
or factors, new information, future events or other changes, except as
required by law.
Contacts
Linda Simmons, SVP and CFO 508 895-1379
