Press Release July 07, 2016

Financial Industry Practice Closes Two Complex, Milestone Bank Transactions in One Week

The Financial Industry Practice represented both HarborOne Bank and Randolph Savings Bank as they completed mutual-to-stock conversions and initial public offerings.

Goodwin advised longtime client HarborOne Bank in connection with its reorganization into a mutual holding company form of organization, with a newly formed mid-tier holding company, HarborOne Bancorp, Inc., offering 45% of its stock to the public and raising gross proceeds of $145 million. HarborOne Bancorp’s stock commenced trading on the Nasdaq Global Select Market on June 30 under the symbol “HONE.” HarborOne Bank is the largest co-operative bank in New England, with $2 billion in assets.

The team advising HarborOne was led by partners Samantha Kirby and William Mayer (Financial Industry) and associates Christopher Versfelt, Alexander Callen and Nana Atsem, with support from counsel Matthew Dyckman (Financial Industry); partner Robert Kester (Tax); associate Megan Juel (Executive Compensation); partner Susan Abbott, partner Carl Metzger and counsel Brian Mukherjee (Insurance & Risk Management).

Goodwin also represented Randolph Bancorp, Inc., a mutual holding company and parent of Randolph Savings Bank, in its mutual-to-stock conversion and related initial public offering, raising gross proceeds of $57 million. Randolph Bancorp’s stock began trading on the Nasdaq Global Market on July 1 under the symbol “RNDB.” The firm also represented Randolph in its acquisition of First Eastern Bankshares Corporation, which was closed immediately following the conversion and offering. Organized in 1851, Randolph Savings Bank is a Massachusetts-chartered savings bank with over $400 million in assets.

The team advising Randolph was led by counsel Matthew Dyckman, partners William Mayer, Samantha Kirby and William Stern (Financial Industry) and associates Alexander Callen and Xing Yan, with assistance from partner Robert Kester (Tax); partners Natascha George and Robert Hale (Executive Compensation and Employment); and partner Susan Abbott and associate Keirsa Johnson (Tax-Exempt Organizations)

For more information, please view HarborOne’s press release or Randolph Bancorp’s press release.