Eastern Bankshares And HarborOne Bancorp Merger To Become Effective On November 1, 2025

Eastern Bankshares, Inc. ("Eastern") (NASDAQ Global Select Market: EBC), the holding company for Eastern Bank, and HarborOne Bancorp, Inc. ("HarborOne") (NASDAQ Global Select Market: HONE), the holding company for

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251027195049/en/

The closing occurred today under the Agreement and Plan of Merger, dated April 24, 2025, among Eastern, Eastern Bank, HarborOne and HarborOne Bank (the "Merger Agreement"), with Eastern and HarborOne having determined that all closing conditions under the Merger Agreement had been satisfied.
The merger of HarborOne with and into Eastern (the "Merger"), and the related merger of HarborOne Bank with and into Eastern Bank, will become effective shortly after midnight (Eastern Time) on November 1, 2025 ("Effective Time"), pursuant to articles of merger that Eastern and HarborOne filed after the closing today.
Eastern and Eastern Bank have appointed Joseph F. Casey and Michael J. Sullivan to become directors of Eastern and Eastern Bank, effective as of the Effective Time, in accordance with the terms of the Merger Agreement. Until the Effective Time, Mr. Casey is the President and Chief Executive Officer and Member of the Board of Directors, and Mr. Sullivan is the Chairman of the Board of Directors, of HarborOne and HarborOne Bank. Bob Rivers, Executive Chair and Chair of the Board of Directors of Eastern Bankshares, Inc. and Eastern Bank, said, "We are fortunate to be adding Joe Casey and Mike Sullivan to the Eastern and Eastern Bank Board of Directors. Joe has spent his entire career in community banking, and there are few leaders with his extensive banking and financial experience and deep understanding of customer and community needs. Mike, a former United States Attorney for the District of Massachusetts, is a highly respected expert in corporate compliance with extensive legal, policy, regulatory, risk and community experience. They will add tremendous value to our Board, and we look forward to continuing to benefit from both of their experiences and expertise."
As previously disclosed, the deadline is 5:00 p.m. (Eastern Time) on October 28, 2025 for holders of HarborOne common stock to elect their preferred form of merger consideration by completing the election materials previously sent to such holders. Eastern anticipates that it will announce on or before Monday, November 3, 2025, the results of the allocation and proration procedures set forth in the Merger Agreement.
As previously disclosed, HarborOne common stock will be delisted from the NASDAQ Global Select Market in connection with the Merger following the close of trading on October 31, 2025, the last day on which HarborOne common stock will trade.

Additional Information and Where to Find It

The Merger Agreement is Annex A to the definitive proxy statement/prospectus filed by Eastern with the Securities and Exchange Commission (the "SEC") on June 27, 2025 (the "proxy statement/prospectus").

Electronic copies of the Merger Agreement, the proxy statement/prospectus and the election materials, as well as other filings containing information about Eastern and HarborOne, may be obtained at the website of the SEC at sec.gov; and on the respective corporate websites of Eastern and HarborOne at investor.easternbank.com and harboronebancorp.com. (These web addresses are included as inactive textual references only.) Copies of the Merger Agreement, the proxy statement/prospectus and the election materials are also available, without charge, by directing a request to Eastern's Investor Relations team via email at a.hersom@easternbank.com or by telephone at (617) 897-1177, or to HarborOne Investor Relations, via email at SFinocchio@HarborOne.com or by telephone at (508) 895-1180.