HarborOne Bank Achieves Highest Possible Rating for Community Service, Loans and Investments

BROCKTON, Mass.–(BUSINESS WIRE)–HarborOne Bancorp, Inc. (the “Company”) (NASDAQ: HONE), the holding company of HarborOne Bank, today announced that for the second consecutive review of the Community Investment Act (CRA), HarborOne Bank has been awarded an “Exceptional” rating by the Federal Deposit Insurance Corporation (FDIC). The rating is the result of rigorous analysis of the bank’s lending, community engagement, customer relations, outreach to affected and underserved communities, and work with charities in its service area. in Massachusetts and Rhode Island.

“The bank’s ‘Outstanding’ rating is a testament to the men and women who work for HarborOne and who, year after year, put their customers and community first,” said James Blake, CEO of HarborOne. “It recognizes not only our charitable loans and donations to impacted communities, but also the hours that HarborOne employees have given as volunteers, as nonprofit board members, and in financial education. C It’s a recognition that all banks aspire to, and few achieve.

For more than 40 years, the FDIC has rated banks on a range of metrics to determine whether institutions are playing a constructive community role, particularly with respect to low- and moderate-income lending, small business lending, initiatives job creation and charitable grants. and donations. According to FDIC data, less than 10% of all banks nationwide receive an “outstanding” rating from the CRA, and even fewer receive “outstanding” ratings for all three components (community service, lending and investment) of the Community Reinvestment Act review.

Analyzing the bank’s performance from December 2017 to January 2021, the FDIC praised HarborOne for its “innovative and flexible” home and commercial lending strategies that enabled low- and middle-income borrowers to buy homes and expand. their activities in all areas served by the bank. CRA assessors cited HarborOne’s issuance of 4,532 loans totaling $945.9 million that “benefited low-to-middle income individuals and small businesses.”

“The booming real estate market is currently forcing banks to find creative ways to provide funds to low- and moderate-income families and individuals who might otherwise be excluded from home ownership – we are proud of our track record in this regard. just that,” said Joseph Casey, president of HarborOne.

The CRA assessment also praised HarborOne for community development loans that spur construction of affordable housing, small business loans that spurred job creation, and the bank’s “leadership in financial education and community awareness”.

Finally, in both Rhode Island and Massachusetts, HarborOne was recognized by evaluators for its large grants and targeted donations supporting programs for the homeless, youth, nutrition, and seniors.

The ARC assessment is available here: https://www.harborone.com/about-us/community-reinvestment-act

About HarborOne Bank

HarborOne Bank, headquartered in Brockton, Massachusetts, has $4.6 billion in assets. It serves the financial needs of consumers, businesses and municipalities in Massachusetts and Rhode Island through a network of 27 full-service branches and commercial lending offices in Providence and Boston. HarborOne has been included in Forbes’ Best State Banks list for three consecutive years and Globe’s Best Workplaces for 10 of the past 11 years.

The Bank also offers a range of educational services through “HarborOne U”, with courses in small business, financial literacy and personal enrichment delivered virtually and at two campuses adjacent to our Brockton and Mansfield locations as well as at locations community partners throughout Rhode Island. HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, is a full-service mortgage lender with offices in Massachusetts, Rhode Island, New Hampshire and Maine, and is also licensed to lend in six other states. NMLS ID: 2561. Authorized by the New Jersey Department of Banking and Insurance. Rhode Island Approved Lender. Equal opportunity in housing.

Jill E. Washington