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HarborOne Completes Conversion To Bank Charter

Jun 28, 2013 | Reprints | Print

HarborOne Credit Union’s conversion to a Massachusetts cooperative bank is officially complete, officials announced this morning.

The credit union will begin operating under the name HarborOne Bank next Monday, July 1. The institution recently received regulatory approval for FDIC insurance, the final step in the charter conversion process.

In April the National Credit Union Administration’s Office of Consumer Protection notified HarborOne that it complied with the procedural requirements of the NCUA’s conversion regulations, thus allowing the financial institution to proceed with its plans to transition to a Massachusetts cooperative bank charter.

HarborOne will also be with largest cooperative bank in New England, with $1.9 billion in assets.

Banking & Lending