HarborOne Mutual Bancshares MHC completed its conversion from the mutual holding company to the stock holding company form of organization. HarborOne NorthEast Bancorp Inc.'s stock offering related to the conversion has also been completed.
HarborOne Mutual Bancshares and HarborOne Bancorp Inc. (MHC), the previous mid-tier holding company of HarborOne Bank (MHC), ceased to exist effective upon the closing of the conversion.
Concurrent with the completion of the offering, HarborOne Bancorp's common shares owned by public stockholders were converted into the right to receive 1.7954 shares of HarborOne NorthEast Bancorp's common stock for each HarborOne Bancorp common share they owned immediately prior to completion of the transaction. Cash in lieu of fractional shares will be paid based on the offering price of $10.00 per share.
HarborOne NorthEast Bancorp, which is now the holding company of the bank, changed its name to HarborOne Bancorp Inc. immediately following the closing of the conversion. Beginning Aug. 15, the company's common shares are expected to trade on the Nasdaq Global Select Market under the trading symbol HONE.
Sandler O'Neill & Partners LP acted as marketing agent for new HarborOne Bancorp in connection with the offering. Goodwin Procter LLP served as legal counsel to new HarborOne Bancorp in connection with the conversion and offering, while Luse Gorman PC acted as legal counsel to Sandler O'Neil & Partners in connection with the offering.