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February 5, 2018

Massachusetts lender acquires Cumberland County Mortgage

HarborOne Bank of Brockton, Mass., has acquired Cumberland County Mortgage of South Portland for an undisclosed amount.

HarborOne said in a Jan. 31 press release that the acquisition immediately positions it as an industry-leading home lender in Maine. Cumberland County Mortgage did $131.59 million in loan volume in 2017.

"This is a natural evolution for the robust mortgage business we have been building in northern New England," said Joseph Casey, HarborOne's president, in a statement.

The two banks have already been working together through Cumberland County Mortgage's third-party mortgage originator relationship with Merrimack Mortgage Co., a wholly owned subsidiary of HarborOne Bank with 34 offices in Massachusetts, New Hampshire and Maine. Merrimack also does business in seven additional states.

HarborOne is the largest state chartered cooperative bank in New England with $2.7 billion in assets. It serves consumers, businesses and municipalities throughout southern Massachusetts through a network of 14 full-service branches, two limited service branches, a commercial loan office in Providence, R.I., and a residential lending office in Westford, Mass.

Cumberland County Mortgage has seven employees, including four loan officers.

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