NEW YORK CITY – A former credit union has gone public with a strong first day for its IPO. Massachusetts-based Harbor One Bank, the former Brockton Credit Union, was on hand to ring the opening bell at the Nasdaq Stock Exchange last week.
The company watched its initial price of $10 per share go to $12.92 per share, an appreciation of 29%, by the time the closing bell rang at 4 p.m. HarborOne Bank issued 14.4 million shares of its stock, allowing it to make $144 million in one day. The $2.2-billion bank has 14 branches in Southeastern Massachusetts
The bank’s CEO, James Blake, told The Enterprise it will use the new capital to fund acquisition and expansion within the markets it currently serves.
HarborOne Bank was founded in 1917 as Brockton Credit Union and is trading on the Nasdaq exchange under the ticker symbol "HONE." The company entered the stock market with a minority offering by retaining 55% of its stock.
When the credit union converted in 2013 it first converted to a co-operative bank charter, and then to a commercial bank.