BROCKTON, Mass.–HarborOne Bank, the former credit union that converted its charter in 2013, said it will now pursue a partial initial public offering (IPO).
According to the Boston Business Journal, HarborOne will convert from a mutual bank to a mutual holding company and offer up to 49.9% of its common stock for sale. The bank told the publication that the partial conversion will allow it to take advantage of a capital infusion from the sale of shares while maintaining its status as an independent, community focused institution, according to its filing with the SEC.
The Boston Business Journal said the structure, if approved, will allow it to acquire both stock banks and mutual banks without forcing an acquired mutual bank to shed its separate identity.
HarborOne also said the offering will allow it to increase lending, offer more products and services to customers, and invest in its branches and technology.
The $2.1-billion bank has set a preliminary price at $10 per share.