Brockton, Massachusetts-based HarborOne Bank will acquire Merrimack Mortgage Company, a privately held home loan originator based in Manchester, New Hampshire.
The deal is expected to close in July and will significantly increase the size of HarborOne’s mortgage business, helping provide a foothold in key lending markets in the New England region.
“We believe in the mortgage business and it will continue to be a significant component of our long-term strategy,” said HarborOne President and CEO James Blake. “Merrimack Mortgage Company is a highly-respected and well-managed organization. Their geographic footprint will expand our presence into new markets, and provide additional opportunities over the long term.”
Under the agreemet, 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.
“Mortgage-based residential lending is a pillar of HarborOne’s growth strategy, and this acquisition aligns perfectly with our goals,” said Pete Makowiecki, Senior Vice President for Residential Lending and Mortgage Servicing at HarborOne. “Dan and Tim are critical new additions to our leadership team and they will augment the HarborOne culture, as they have established Merrimack as a strong community partner in the markets they serve. Their guidance and expertise in the mortgage industry will be invaluable as we grow this segment of our business.”