HarborOne Bank says it will acquire Manchester, N.H.-based Merrimack Mortgage Co. Inc. – a privately held home loan originator that averages more than $1 billion in annual business throughout New England.
The deal will considerably expand HarborOne's mortgage business presence in key lending markets in the New England region. After the deal closes in July, Merrimack will become a wholly owned subsidiary of HarborOne Bank. Terms of the deal were not disclosed.
Dan McKenney will assume the role of president and CEO and Timothy Boyle will become executive vice president and chief financial officer of the subsidiary mortgage unit.
Merrimack Mortgage Co. has approximately 200 employees and branch locations in Massachusetts, New Hampshire, Connecticut and Maine. The company is also licensed in Rhode Island, Vermont and six other states. Approximately 97% of its annual business occurs within the New England region.