On March 14, 2018, Coastway Bancorp, Inc., Warwick, Rhode Island, and HarborOne Bancorp, Inc., Brockton, Massachusetts, entered into a definitive merger agreement pursuant to which HarborOne Bancorp will acquire Coastway Bancorp in an all-cash transaction. The total merger consideration is approximately $125.6 million, and Coastway Bancorp stockholders will receive $28.25 in cash for each share of Coastway Bancorp common stock. As part of the merger, Coastway Community Bank, the subsidiary of Coastway Bancorp, will merge with and into HarborOne Bank, the subsidiary of HarborOne Bancorp.
Luse Gorman served as legal counsel to Coastway Bancorp in the transaction. The Luse Gorman team consisted of Benjamin Azoff, Lawrence Spaccasi, Gregory Sobczak and Elizabeth Cook (Corporate/M&A) and Beverly White (Executive Compensation).
Coastway Bancorp had approximately $739 million in total assets at December 31, 2017 and operates nine branches in the greater Providence area, as well as three mortgage lending offices.
HarborOne Bancorp had approximately $2.68 billion in total assets at December 31, 2017 and operates primarily through its Southeastern Massachusetts network of 14 full-service branches.