HarborOne Bank, a wholly owned subsidiary of HarborOne Bancorp, Inc (NASDAQ: HONE), today announced it will re-align staffing at its 25 full-service branches across eastern Massachusetts and Rhode Island, as it prepares to unveil new branches in downtown Quincy and South Boston in the fall and winter.
The Quincy and South Boston branches will be the third and fourth new HarborOne locations to open in the last two years. The announcement comes less than a year after HarborOne established its first Boston branch at 64 Broad Street in downtown Boston. The Quincy and South Boston branches will feature comprehensive retail and consumer banking services, a full suite of small business and commercial banking products and services, and an array of credit and lending products for both commercial and personal banking needs.
“The brick-and-mortar branch continues to be a critical component of our long-term growth strategy, and as we have expanded across Rhode Island and into Boston, we’ve been careful to select areas where we see growth and opportunity,” said James Blake, CEO of HarborOne Bank. “As consumer adoption for online and mobile banking continues to grow, our branch teams will be re-aligned with the expansion of the Relationship Banker and Universal Banker roles that were successfully launched last year in our Stoughton and Boston branches. This enhanced delivery model positions our branch teams as customer advisors serving more complex sales and service needs, as our digital delivery tools drive more convenience for customers’ everyday banking.”
To reflect the trends of fewer traditional branch transactions, staff levels across most of the 25 existing full-service HarborOne branches have been reduced. Across the entire enterprise, a total of 43 positions were eliminated.
“Nothing is more important to us than the people who have made HarborOne so successful, and no reduction in staff is ever made lightly,” said Joseph F. Casey, President. “HarborOne’s financial health is strong and we continue to grow; our Q2’20 earnings were the best we’ve had in the last fifteen years, and our capital level is among the highest of any bank in Massachusetts. The dynamics of our Retail business are changing, and we will evolve our delivery model to ensure that we can meet the current and future needs of customers.”
HarborOne converted to a mutual cooperative bank in 2013 and a mutual holding company with shares trading publicly on the NASDAQ (HONE) in 2016. The Bank conducted its second-step stock offering in 2019. In 2015, HarborOne acquired the New Hampshire-based Merrimack Mortgage Company. HarborOne acquired Rhode Island’s Coastway Bancorp in 2018 as well as Cumberland County Mortgage of Portland, Maine. In 2019, HarborOne opened its first branch in the City of Boston.
About HarborOne Bank
HarborOne Bancorp, Inc. (NASDAQ: HONE) is the holding company for HarborOne Bank. HarborOne Bank, with assets of $4.46 billion, serves the financial needs of consumers, businesses, and municipalities throughout Eastern Massachusetts and Rhode Island through a network of 25 full-service branches located in Massachusetts and Rhode Island, one limited service branch and a commercial lending office in each of Boston, Massachusetts and Providence, Rhode Island. The Bank also provides a range of educational services through “HarborOne U,” with classes on small business, financial literacy and personal enrichment at two campuses located adjacent to our Brockton and Mansfield locations. HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, is a full-service mortgage lender with more than 30 offices in Massachusetts, Rhode Island, New Hampshire, Maine, New Jersey and Florida and is licensed to lend in four additional states.