By News Staff

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WARWICK, R.I. (WLNE) – A Rhode Island credit union announced Thursday that it will soon be under new management.

HarborOne Bank, based in Brockton, Massachusetts, and Warwick-based Coastway Bancorp announced in a press release Thursday that they have entered into a definitive agreement in which HarborOne will acquire Coastway.

The deal is valued at approximately $125.6 million.

This is a strategic acquisition for HarborOne, and a great fit with our growth plan”, said HarborOne President and CEO James Blake. “The Rhode Island market is incredibly attractive to us, and Coastway’s established position provides a natural extension of our successful Commercial Lending business in Rhode Island.”

The groups said the combined company will become the 12th largest publicly-traded community bank in New England based on total assets. Customers across Massachusetts, Rhode Island, New Hampshire and Maine will be served by 65 locations.

 “HarborOne and Coastway have so much in common; our values, our history, and the commitment we make to the customers and communities that we serve”, said Coastway President and CEO William White. “For those who choose to use our branches, all of our branches will remain open so they will continue to enjoy the convenience they’re used to.”    

The sale is expected to close later this year.

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