HarborOne Completes Acquisition of Merrimack Mortgage Company, Inc.

BROCKTON, Mass.--(BUSINESS WIRE)--

HarborOne Bank has completed its acquisition of Merrimack Mortgage Company, Inc. of Manchester, N.H. – a privately held home loan originator that averages more than $1 billion in annual business throughout New England.

By acquiring the privately-held home loan originator, HarborOne will significantly increase the size of its mortgage business and secure a foothold in key lending markets in the New England region. Merrimack will become a wholly-owned subsidiary of HarborOne Bank. Terms are undisclosed.

"This is targeted, strategic growth aimed at strengthening our bank in a very competitive industry," said HarborOne President and CEO James W. Blake. "Today's acquisition ensures that HarborOne Bank will be able to expand and grow in the future, which will mean better opportunities for our customers. Merrimack Mortgage Company is a highly-respected and well-managed organization and their geographic footprint will expand our presence into new markets and provide additional opportunities over the long term."

As announced in April, Merrimack principals Dan McKenney and Timothy Boyle will assume the respective roles of President and CEO and Executive Vice President and CFO of the subsidiary mortgage unit.

About HarborOne Bank

With $2 billion in assets, HarborOne Bank is the largest co-operative bank in New England. HarborOne Bank serves the financial needs of consumer and business banking customers throughout Massachusetts and Rhode Island through a network of 14 full-service branches. HarborOne also operates a limited-service branch at Brockton High School and 13 free standing ATMs in addition to an ATM at every full-service branch.

About Merrimack Mortgage Company, Inc.

Founded in 1983, Merrimack Mortgage Company is headquartered in Manchester, NH and has approximately 200 employees throughout its primarily New England-based footprint. The company originates 1-4 family residential mortgages and has 31 Sales offices located in NH (18), MA (7), ME (4), CT (1) and CA (1). The company is licensed in Rhode Island, Vermont and six other states. Approximately 97 percent of its approximately $1 billion in annual business is concentrated in the New England region.

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