HarborOne Bancorp jumps on $490 million buyout deal with Eastern Bankshares

Shares of community lender HarborOne Bancorp HONE.O jump 11.3% to $11.20 premarket

Regional lender Eastern Bankshares EBC.O will acquire HONE in a $490 million cash-and-stock deal, the banks announced late Thursday

HONE shareholders can opt to receive 0.765 shares of EBC or $12 in cash for each share held

Deal, expected to close in the fourth quarter of 2025, strengthens EBC's presence in Greater Boston while expanding into Rhode Island

Founded in 1917, HONE has $5.7 billion in assets and 30 banking centers in Massachusetts and Rhode Island

Transaction expected to boost EBC's EPS by 16%

As of last close, HONE stock 15% YTD