HarborOne (NASDAQ: HONE) shareholders back merger with Eastern Bankshares
Rhea-AI Filing Summary
HarborOne Bancorp, Inc. reported that its shareholders approved the previously announced merger with Eastern Bankshares, Inc. at a special meeting held on August 20, 2025. Under the merger agreement, HarborOne will merge into Eastern, which will remain as the surviving company, and, at a later time determined by Eastern, HarborOne Bank will merge into Eastern Bank.
Shareholders approved the merger proposal with 31,900,494 votes for, 956,466 against, and 145,111 abstentions. They also approved, on an advisory non-binding basis, the merger-related compensation for HarborOne’s named executive officers, with 29,117,950 votes for, 3,392,882 against, and 491,239 abstentions. A separate adjournment proposal was not needed and no vote was taken on it.
Positive
- HarborOne shareholders approved the merger with Eastern Bankshares, delivering 31,900,494 votes in favor and satisfying the two‑thirds outstanding requirement needed for the transaction to proceed.
Negative
- None.
Insights
Shareholder approval clears a key condition for HarborOne’s merger with Eastern Bankshares.
The special meeting vote shows strong support for HarborOne Bancorp, Inc. combining with Eastern Bankshares, Inc. The merger proposal received 31,900,494 votes in favor versus 956,466 votes against, meeting the two‑thirds outstanding approval requirement. This removes a major governance hurdle and allows the transaction to move forward under the existing merger agreement.
Shareholders also approved, on an advisory basis, the specified compensation that may be paid to HarborOne’s named executive officers in connection with the merger, with 29,117,950 votes for and 3,392,882 against. This advisory support reduces uncertainty around executive pay challenges tied to the deal, even though it is non‑binding. The actual closing and subsequent bank-level merger will still depend on other conditions described in the merger agreement and related materials.
FAQ
What did HarborOne (HONE) shareholders approve at the special meeting?
HarborOne shareholders approved the merger agreement under which HarborOne Bancorp, Inc. will merge with and into Eastern Bankshares, Inc., with Eastern as the surviving entity. They also approved, on an advisory non-binding basis, the specified compensation that may be paid to HarborOne’s named executive officers in connection with the merger.
How did HarborOne (HONE) shareholders vote on the merger with Eastern Bankshares?
The merger proposal received 31,900,494 votes for, 956,466 votes against, and 145,111 abstentions. Approval required the affirmative vote of holders of two‑thirds of the shares of HarborOne common stock outstanding and entitled to vote.
What were the voting results on HarborOne’s merger-related executive compensation proposal?
The merger-related compensation proposal for named executive officers passed on an advisory basis, with 29,117,950 votes for, 3,392,882 votes against, and 491,239 abstentions. This approval is non‑binding but indicates shareholder support for the disclosed compensation arrangements tied to the merger.
What happens to HarborOne Bank after the merger with Eastern Bankshares?
After HarborOne Bancorp, Inc. merges into Eastern, and at a time to be determined by Eastern, HarborOne Bank is expected to merge with and into Eastern Bank, with Eastern Bank as the surviving bank, as described in the merger agreement.
Was the adjournment proposal voted on at HarborOne’s special meeting?
No. The proposal to approve one or more adjournments of the special meeting, if necessary, was not required, and no vote was taken on the adjournment proposal.
Does this HarborOne (HONE) vote mean the merger with Eastern is completed?
The shareholder vote approves the merger agreement and clears a key condition, but it does not by itself complete the merger. The combination will proceed in line with the terms and remaining conditions set out in the merger agreement.
