HarborOne Bancorp agreed to acquire Coastway Bancorp and its subsidiary Coastway Community Bank in an all-cash transaction valued at approximately $125.6 million. The transaction was unanimously approved by the boards of directors of both companies.
Coastway stockholders will receive $28.25 for each share of Coastway common stock. The transaction is expected to close in the second half of 2018 and is subject to customary closing conditions, including the required regulatory and Coastway stockholder approvals.
The combined company will be the 12th largest publicly-traded New England community bank based on total assets, with 65 locations serving individuals and business across Massachusetts, Rhode Island, New Hampshire and Maine.
“This is a strategic acquisition for HarborOne, and a great fit with our growth plan. The Rhode Island market is incredibly attractive to us, and Coastway’s established position provides a natural extension of our successful commercial lending business in Rhode Island. This is a unique opportunity for HarborOne to access excellent customer demographics and grow our business,” said James Blake, president and CEO of HarborOne.
FIG Partners acted as financial advisor to HarborOne, with Goodwin Procter acting as its legal advisor. Sandler O’Neill & Partners acted as financial advisor to Coastway, while Luse Gorman served as its legal advisor.
