EBC director files Form 3 post‑HarborOne merger; option at $13.38
Rhea-AI Filing Summary
Eastern Bankshares (EBC) director filed a Form 3 reporting initial ownership following the HarborOne merger effective November 1, 2025. The filing lists 64,627 shares of common stock held directly, plus 707 shares held indirectly via Double Eagle LLC and 711 shares in a rollover 401(k).
It also reports a stock option to purchase 63,696 shares of common stock at an exercise price of $13.38, which must be exercised no later than May 1, 2026. Per the merger terms, HarborOne holders could elect $12.00 in cash or 0.765 EBC shares per HarborOne share, subject to proration.
Positive
- None.
Negative
- None.
Insider Trade Summary
4 transactions reported
Mixed
4 txns
Insider
Sullivan Michael James
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Stock Option (Right to Buy) | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option (Right to Buy) — 63,696 shares (Direct);
Common Stock — 64,627 shares (Direct);
Common Stock — 707 shares (Indirect, Held by Double Eagle LLC);
Common Stock — 711 shares (Indirect, Rollover 401(k))
Footnotes (5)
- F1. Pursuant to the terms of the Agreement and Plan of Merger dated April 24, 2025 among Eastern Bankshares, Inc. ("Eastern"), Eastern Bank, HarborOne Bancorp, Inc. (HarborOne"), and HarborOne Bank (the "Merger Agreement"), upon the merger of HarborOne into Eastern, effective November 1, 2025 (the "Merger"), each share of HarborOne common stock was converted into the right to receive, at the election of the holder, either (i) $12.00 in cash or (ii) 0.765 shares of Eastern common stock (the "Exchange Ratio"), subject to certain proration provisions contained in the Merger Agreement. In addition to the shares of common stock received by the reporting person in the Merger, the total common stock includes 5,000 shares owned by reporting person prior to the Merger.
- F2. Pursuant to the terms of the Merger Agreement, each share of HarborOne common stock was converted into the right to receive, at the election of the holder, either (i) $12.00 in cash or (ii) the Exchange Ratio, subject to certain proration provisions contained in the Merger Agreement.
- F3. Pursuant to the terms of the Merger Agreement, the stock option must be exercised no later than May 1, 2026 (i.e., within six (6) months from the time reporting person's employment as a director of HarborOne was terminated).
- F4. Pursuant to the Merger Agreement, each outstanding and unexercised option to purchase shares of HarborOne common stock was converted into an option to purchase shares of Eastern common stock by multiplying the number of shares by the Exchange Ratio (rounded down to the nearest whole share).
- F5. Pursuant to the Merger Agreement, the exercise price per share of each converted option was determined by dividing the exercise price of the HarborOne stock option by the Exchange Ratio (rounded up to the nearest whole cent).
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FAQ
What derivative securities are reported for EBC?
A stock option to buy 63,696 EBC common shares at $13.38 per share, owned directly.
What is the exercise deadline for the reported stock option?
The option must be exercised no later than May 1, 2026.
When did the HarborOne merger become effective?
The merger became effective on November 1, 2025.
Does the reported ownership include pre‑merger holdings?
Yes. The total common stock includes 5,000 shares owned by the reporting person prior to the merger.