Coastway deal is a huge 162% winner for our subscribers. Deal number 5 for 2017
HarborOne Bancorp, Inc. (“HarborOne”)(HONE) and Coastway Bancorp, Inc. (“Coastway”) (CWAY) today announced that they have entered into a definitive agreement under which HarborOne will acquire Coastway in an all cash transaction valued at approximately $125.6 million. Coastway stockholders will receive $28.25 for each share of Coastway common stock. The transaction has been unanimously approved by the boards of directors of both companies.
This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180314006093/en/
Coastway, the holding company of Coastway Community Bank, is headquartered in Warwick, Rhode Island. With 9 branches in the greater Providence area, as well as 3 mortgage lending offices, Coastway has $739 million in assets and deposits of $477 million as of December 31, 2017. 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. The combined company will be positioned to be a major mortgage lender in New England, and the number one mortgage lender in Rhode Island.
“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 Chief Executive Officer of HarborOne Bancorp.
“We are expanding our footprint and growing our brand. But our core principles remain the same,” commented HarborOne Bancorp EVP/COO/CFO Joseph Casey. “HarborOne has a deep commitment to our customers, our employees and our communities. Demonstrating our commitment to those same constituencies in Rhode Island is top priority – and it will drive our business growth more than anything.”
William White, President and Chief Executive Officer of Coastway, said, “HarborOne and Coastway have so much in common; our values, our history, and the commitment we make to the customers and communities that we serve. This is a great union for both companies, and our customers will benefit with access to expanded mobile banking capabilities, rewards and affinity programs, and new products. For those who choose to use our branches, all of our branches will remain open so they will continue to enjoy the convenience they’re used to.”
The transaction is expected to close in the second half of 2018 and is subject to customary closing conditions, including the approval of the stockholders of Coastway and required regulatory approvals.