UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): August 13, 2020
HarborOne Bancorp, Inc.
(Exact Name of Registrant as Specified in its Charter)
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Massachusetts |
001-38955 |
81-1607465 |
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(State or other jurisdiction |
(Commission |
(IRS Employer |
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of incorporation) |
File Number) |
Identification Number |
770 Oak Street, Brockton, Massachusetts 02301
(Address of principal executive offices)
(508) 895-1000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Title of each Class |
Trading Symbol |
Name of each exchange on which registered |
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Common Stock, $0.01 par value |
HONE |
The NASDAQ Stock Market, LLC |
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Item 8.01 |
Other Events |
On August 12, 2020, HarborOne Bancorp, Inc. (the “Company”) made modifications to its staffing model as a result of changes in customer behavior that have accelerated due to the COVID-19 pandemic. The staffing changes, which primarily impact the Company’s retail banking operations, are intended to address a decline in in-person banking transactions as customers transition to our digital banking channels. The Company expects that the shift to our digital channels is not temporary and continues to invest in self-service technologies to meet evolving customer needs.
There will be a net reduction in total employees of approximately 6.6%, with a restructuring expense of approximately $640,000 in the third quarter of 2020. The Company notified the affected staff on August 12, 2020, although employees will be compensated through August 21, 2020 and are eligible to receive severance payments and outplacement assistance. The Company expects the restructuring program to result in annual expense reduction of approximately $2.8 million, with the full impact of the savings evident in fiscal year 2021.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunder duly authorized.
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HARBORONE BANCORP, INC. |
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By: |
/s/ Linda H. Simmons |
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Name: |
Linda H. Simmons |
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Title: |
Executive Vice President and |
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Chief Financial Officer |
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Date: August 13, 2020 |
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