Business

HarborOne Credit Union might become bank

HarborOne Credit Union of Brockton, the second-largest credit union in Massachusetts, is moving closer to becoming a bank.

Credit union members are slated to vote Monday on a proposal for HarborOne to become a mutual owned bank. The credit union board of directors ratified the plan last year.

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HarborOne didn’t return calls seeking comment. But executives have previously argued the institution will have more flexibility as a bank because it will be able to open branches in Boston (outside its traditional membership territory), serve a wider spectrum of customers, and make more commercial loans. Some members oppose the move, however, saying they don’t want to see their credit union turned into a bank. They argue that additional taxes and costs that banks must incur could mean higher lending and lower saving rates for members.

HarborOne has 15 branches, $1.8 billion in assets, and 140,000 customers.

Todd Wallack

Todd Wallack can be reached at twallack@globe.com. Follow him on Twitter @twallack.
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