HarborOne CEO reports merger conversions and option rollovers
Rhea-AI Filing Summary
HarborOne Bancorp (HONE) — Form 4 insider activity tied to merger
President and CEO Joseph F. Casey, who also serves as a director, reported merger-related equity changes dated 11/01/2025. He acquired 43,309 shares of common stock, reflecting performance units that vested at the target level pursuant to the merger agreement. He disposed of 254,585 directly held shares and 139,780 shares held by his spouse at a reported price of $0, consistent with conversion mechanics at closing.
The filing notes that each HarborOne share was converted into the right to receive either $12.00 in cash or 0.765 shares of Eastern Bankshares common stock, subject to proration. Outstanding HarborOne stock options were converted into options for Eastern shares, with adjustments based on the 0.765 exchange ratio; listed grants included options with exercise prices of $8.98, $9.79, and $10.23. Following these transactions, no HarborOne derivative securities remained outstanding for the reporting person.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Stock Option (Right to Buy) | 155,487 | $0.00 | -- |
| Other | Stock Option (Right to Buy) | 133,219 | $0.00 | -- |
| Other | Stock Option (Right to Buy) | 133,219 | $0.00 | -- |
| Grant/Award | Common Stock | 43,309 | $0.00 | -- |
| Disposition | Common Stock | 139,780 | $0.00 | -- |
| Disposition | Common Stock | 254,585 | $0.00 | -- |
Footnotes (1)
- Pursuant to the merger agreement, dated as of April 24, 2025, by and among Eastern Bankshares, Inc. ("Eastern"), Eastern Bank, HarborOne Bancorp, Inc. ("HarborOne"), and HarborOne Bank (the "Merger Agreement"), each outstanding performance unit vested at the target level of performance. Pursuant to the Merger Agreement, each share of HarborOne common stock was converted into the right to receive, at the election of the holder, either (i) $12.00 in cash or (ii) 0.765 shares of Eastern common stock (the "Exchange Ratio"), subject to certain proration provisions contained in the Merger Agreement. Pursuant to the Merger Agreement, each outstanding and unexercised option to purchase shares of HarborOne common stock was converted into an option to purchase shares of Eastern common stock. As further described in the Merger Agreement, the number of underlying shares of resulting Eastern common stock subject to such options and the related exercise price were adjusted by the Exchange Ratio.
