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The parent company of Brockton-based HarborOne Bank is planning to raise $310 million in a new stock offering that will make the company fully public, according to HarborOne’s President and CEO James Blake.
“The conversion to a fully public stock holding company and accompanying capital raise will provide the financial strength and flexibility to achieve our plans for growth,” Blake said in an email.
The bank first announced that it would go fully public in early March, a move that analysts expected to occur after HarborOne acquired Warwick, Rhode Island-based Coastway Bank in an all-cash deal valued at $125.6 million. Mark Fitzgibbons, an analyst at Sandler O’Neill, said in March 2018 that the all-cash deal would deplete HarborOne’s excess capital, and HarborOne actually had to raise $35 million in debt later in the year to complete the deal.
The move will complete a long journey for the institution, which just six years ago was a credit union.
The organization transitioned to a bank in June 2013 and then acquired Merrimack Mortgage Co. Inc. of Manchester, New Hampshire in April 2015, marking its first major acquisition since its bank conversion. The bank then reorganized into a mutual holding company and issued a partial IPO in March 2016, raising $144 million.
HarborOne has seen tremendous growth in recent years. Between the end of 2013 and the end of 2018, the bank grew from $1.95 billion in assets to $3.65 billion, according to the FDIC. The bank has also opened branches this year in Boston and Stoughton.
