HarborOne Bancorp jumps on $490 million buyout deal with Eastern Bankshares

HarborOne Bancorp

25/04/2025 15:49

Updates

** Shares of community lender HarborOne Bancorp HONE.O jump 15.7% to $11.64 in early trading

** Regional lender Eastern Bankshares EBC.O shares fall 2.6% to $15.38

** EBC will acquire HONE in a $490 million cash-and-stock deal, the banks announced late Thursday

** HONE shareholders can opt to receive 0.765 shares of EBC or $12 in cash for each share held

     ** Deal, expected to close in the fourth quarter of 2025, strengthens EBC's presence in Greater Boston while expanding into Rhode Island

** Founded in 1917, HONE has $5.7 billion in assets and 30 banking centers in Massachusetts and Rhode Island

** Transaction expected to boost EBC's EPS by 16%

** As of last close, HONE stock had fallen 15% YTD, while EBC was down 8.5%

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))