The parent company of Brockton-based HarborOne Bank has received the necessary regulatory approvals to complete its acquisition of the parent company of Warwick, Rhode Island-based Coastway Bank.

The acquisition is expected to close on Oct. 5.

In addition, the company earlier this week issued $35 million in a private placement debt offering, money that it will use “for general corporate purposes, including improving the liquidity position at the company” and its bank subsidiary, according to a regulatory filing.

HarborOne announced in March that it would acquire Coastway in an all-cash transaction valued at $125.6 million. The deal, which comes about two years after the company issued a partial initial public offering, gives HarborOne more than $741 million in assets, as of the end of 2017, and nine branches in the Greater Providence area, as well as three mortgage lending offices.

The combined entity would have about $3.6 billion in assets, making it the 12th largest publicly traded bank in Massachusetts.

The private offering will help boost the company’s capital ratios. At the end of the second quarter of this year, the company had a 7.63 percent leverage ratio and a tier 1 capital ratio of just over 9 percent.

HarborOne Receives Regulatory Approval for Acquisition, Issues Debt Offering

by Bram Berkowitz time to read: 1 min
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