Form 4: HarborOne Exec Sells All Shares Post-Merger

HarborOne Bancorp EVP Joseph McQuade disposed of all his common stock holdings following the company's merger with Eastern Bankshares, Inc.

Summary

• Joseph E. McQuade, EVP, CER Officer of HarborOne Bancorp, Inc., reported transactions on November 1, 2025, related to the company's merger.
• He acquired 12,093 shares of HarborOne common stock due to the vesting of performance units at the target level, as stipulated in the merger agreement.
• Subsequently, he disposed of 34,776 shares of HarborOne common stock.
• This disposal was a direct result of the merger agreement, dated April 24, 2025, with Eastern Bankshares, Inc., where each HarborOne share was converted into the right to receive either $12.00 in cash or 0.765 shares of Eastern common stock.
• Following these reported transactions, McQuade's direct beneficial ownership of HarborOne common stock is 0 shares.

Sentiment

Score: 7

Explanation: The filing reports expected insider transactions following a completed merger, including the vesting of performance units at target, which is a positive outcome for the executive. The company's shares were converted as per the merger terms, indicating a successful conclusion to the acquisition.

Positives

• Performance units vested at the target level, indicating achievement of performance goals for the executive.
• The merger with Eastern Bankshares, Inc. has been completed, providing liquidity or shares in a larger entity to HarborOne shareholders.

Negatives

• HarborOne Bancorp, Inc. common stock is no longer independently traded following its acquisition by Eastern Bankshares, Inc.

Future Outlook

This filing reports completed transactions related to a merger and does not contain forward-looking statements or guidance.

Industry Context

The reported transactions are a direct consequence of the merger between HarborOne Bancorp, Inc. and Eastern Bankshares, Inc., reflecting ongoing consolidation within the regional banking sector. Such mergers typically aim to achieve greater scale, operational efficiencies, and expanded market presence for the acquiring entity.

Stakeholder Impact

• Shareholders of HarborOne Bancorp, Inc. no longer hold shares in the company, having received cash or Eastern Bankshares, Inc. common stock as per the merger agreement.
• Joseph E. McQuade, as an executive, had his performance units vest and his shares converted, aligning his interests with the merger's completion.

Key Dates

Keywords

HarborOne Bancorp, HONE, Eastern Bankshares, Merger, Acquisition, Joseph McQuade, Insider Trading, Form 4, Stock Transaction, Performance Units