HarborOne Bank announced Wednesday that it will acquire Merrimack Mortgage Co. Terms of the transaction are undisclosed.
The deal will allow HarborOne to focus on growing its banking foothold in key New England lending markets, while bringing in mortgage fee income and creating additional opportunities for the region. It is a $2 billion-asset company based in Brockton, Mass., and the largest co-operative bank in New England.
Merrimack will become a wholly owned subsidiary of HarborOne. The privately held home loan originator based in Manchester, N.H., does more than $1 billion in business on average annually across New England.
Merrimack principals will assume executive leadership positions at the subsidiary mortgage unit; Dan McKenney will become president and CEO and Timothy Boyle executive vice president and CFO.
The deal is expected to close in July.