Brockton, Mass.-based HarborOne Bancorp Inc. (MHC), the stock holding company of HarborOne Bank (MHC), received all required approvals for the conversion of HarborOne Mutual Bancshares MHC from the mutual holding company to the stock holding company form of organization.
The closing of the conversion and the related subscription and community offerings of the common shares of HarborOne NorthEast Bancorp Inc., a newly formed corporation that is the proposed successor holding company of the bank, is expected to occur at the close of business on Aug. 14.
HarborOne Bancorp's stock is expected to cease trading at the close of business on Aug. 14. HarborOne NorthEast Bancorp's common stock is expected to trade on the Nasdaq Global Select Market under the trading symbol HONE starting Aug. 15.
HarborOne Bancorp also announced that HarborOne NorthEast Bancorp is expected to sell 31,036,812 of its common shares at $10.00 per share, for gross proceeds of approximately $310.4 million, in its subscription and community offerings.
As part of the conversion, each existing share of HarborOne Bancorp's common stock held by public shareholders other than HarborOne Mutual Bancshares will be converted into the right to receive 1.7954 shares of HarborOne NorthEast Bancorp common stock. Cash will be paid in lieu of any fractional shares.
The offering was oversubscribed in the community offering; accordingly, shares will be allocated in accordance with the terms of the plan of conversion of HarborOne Mutual Bancshares.