WARWICK, R.I. (AP) - A Massachusetts company has announced it will buy the parent company of a former Rhode Island credit union.
In an announcement Wednesday, Coastway Community Bank says it has been sold to HarborOne Bankcorp Inc., of Brockton, Massachusetts, for $125.6 million cash.
The companies say the deal is expected to close later this year. It needs the approval of Coastway stockholders, who would receive $28.25 for each share they own.
WPRI-TV reports Coastway President and CEO William White called the deal a “great union” for both companies. He says all nine of Coastway’s branches in Rhode Island will remain open.
Coastway has $739 million in assets and $477 million in deposits as of Dec. 31.
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