Business

Around the Region

HarborOne members OK switch

Members of Harbor­One Credit Union in Brockton have approved the institution’s plan to become a state-chartered cooperative bank later this year, the credit union said Monday.

Senior vice president James Rice said the conversion, which must be reviewed by regulators, will probably take several months to complete. After the conversion, HarborOne, now the second-largest credit union in Massachusetts, would be a cooperative bank mutually owned for the benefit of its members and the community, rather than a stockholder-owned bank.

Advertisement

About 62 percent of the 22,000 members who voted backed the conversion. The bank has about 140,000 members.

HarborOne said the conversion will allow it to open branches and serve customers in Boston and other areas outside its traditional membership territory. It will also be free of credit union limits on commercial lending.

Get Business Headlines in your inbox:
The Globe's latest business headlines delivered every morning, Monday through Friday.
Thank you for signing up! Sign up for more newsletters here

HarborOne, which has $1.8 billion in assets, is second in size to Digital Federal Credit Union.

Todd Wallack

Todd Wallack can be reached at twallack@globe.com. Follow him on Twitter @twallack.
Loading comments...
You're reading  1 of 5 free articles.
Get UNLIMITED access for only 99¢ per week Subscribe Now >
You're reading1 of 5 free articles.Keep scrolling to see more articles recomended for you Subscribe now
We hope you've enjoyed your 5 free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.