HarborOne Bank will acquire Merrimack Mortgage Company of Manchester, N.H., a privately held home loan originator that averages more than $1 billion in annual business throughout New England.
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The deal, which is expected to close in July, will significantly increase the size of HarborOne's mortgage business and provide a foothold in key lending markets in the New England region. Merrimack will become a wholly-owned subsidiary of HarborOne Bank. Terms are undisclosed.
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.
Founded in 1983, Merrimack Mortgage Company has approximately 200 employees in Manchester, N.H. and throughout its primarily New England-based footprint. The company has branch locations in Massachusetts, New Hampshire, Connecticut, and Maine, and is licensed in Rhode Island, Vermont and six other states. Approximately 97 percent of its annual business is concentrated in the New England region.
In addition to helping more customers beyond HarborOne's banking footprint, the acquisition of Merrimack Mortgage gives the bank a stronger position throughout New England, generating mortgage fee income and creating additional opportunities.
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.
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 ~$1 billion in annual business is concentrated in the New England region. ■