BROCKTON, Mass.--(BUSINESS WIRE)--
HarborOne Bancorp, Inc. (the “Company”) (NASDAQ: HONE) announced today that its Board of Directors has adopted a share repurchase program. Under the share repurchase program, the Company may repurchase up to 1,633,115 shares of the Company’s common stock, or approximately 5% of the Company’s current issued and outstanding shares.
The share repurchase program was adopted following the receipt of a notice of non-objection from the Federal Reserve Bank of Boston and the approval of the Massachusetts Division of Banks.
Repurchases under this program may be made in open market transactions, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The repurchase program does not obligate the Company to purchase any particular number of shares.
Any repurchased shares will be held by the Company as authorized but unissued shares. The repurchase program may be suspended or terminated at any time without prior notice, and it will expire October 28, 2019.
About HarborOne Bancorp, Inc.
HarborOne Bancorp,
Inc. is the holding company for HarborOne Bank, the largest co-operative
bank in New England. HarborOne Bank serves the financial needs of
consumers, businesses, and municipalities throughout Southeastern
Massachusetts through a network of 14 full-service branches, two limited
service branches, a commercial loan office in Providence, Rhode Island,
a residential lending office in Westford, Massachusetts, and 13
free-standing ATMs. 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. Merrimack Mortgage
Company, LLC, a subsidiary of HarborOne Bank, is a full-service mortgage
lender with 33 offices in Massachusetts, New Hampshire and Maine, and
also does business in seven additional states.
Forward Looking Statements
Certain statements herein
constitute forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Exchange Act and are intended to be covered by the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Such
statements may be identified by words such as “believes,” “will,”
“would,” “expects,” “project,” “may,” “could,” “developments,”
“strategic,” “launching,” “opportunities,” “anticipates,” “estimates,”
“intends,” “plans,” “targets” and similar expressions. These statements
are based upon the current beliefs and expectations of the Company’s
management and are subject to significant risks and uncertainties.
Actual results may differ materially from those set forth in the
forward-looking statements as a result of numerous factors. Factors that
could cause such differences to exist include, but are not limited to,
adverse conditions in the capital and debt markets and the impact of
such conditions on the Company’s business activities; changes in
interest rates; competitive pressures from other financial institutions;
the effects of general economic conditions on a national basis or in the
local markets in which the Company operates, including changes that
adversely affect borrowers’ ability to service and repay the Company’s
loans; changes in the value of securities in the Company’s investment
portfolio; changes in loan default and charge-off rates; fluctuations in
real estate values; the adequacy of loan loss reserves; decreases in
deposit levels necessitating increased borrowing to fund loans and
investments; operational risks, including cybersecurity, fraud and
natural disasters; changes in government regulation; changes in
accounting standards and practices; the risk that goodwill and
intangibles recorded in the Company’s financial statements will become
impaired; demand for loans in the Company’s market area; the Company’s
ability to attract and maintain deposits; risks related to the
implementation of acquisitions, dispositions, and restructurings; the
risk that the Company may not be successful in the implementation of its
business strategy; changes in assumptions used in making such
forward-looking statements and the risk factors described in the Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the
Securities and Exchange Commission (the “SEC”), which are available at
the SEC’s website, www.sec.gov.
Should one or more of these risks materialize or should underlying
beliefs or assumptions prove incorrect, HarborOne Bancorp, Inc.’s actual
results could differ materially from those discussed. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release. The Company
disclaims any obligation to publicly update or revise any
forward-looking statements to reflect changes in underlying assumptions
or factors, new information, future events or other changes, except as
required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171027005813/en/
