UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported):
(Exact Name of Registrant as Specified in its Charter)
(State or other jurisdiction | (Commission | (IRS Employer |
of incorporation) | File Number) | Identification Number |
(Address of principal executive offices)
(
(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:
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.
Title of each Class | Trading Symbol | Name of each exchange on which registered |
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.
HARBORONE BANCORP, INC. | |||
By: | /s/ Linda H. Simmons | ||
Name: | Linda H. Simmons | ||
Title: | Executive Vice President and | ||
Chief Financial Officer | |||
Date: August 13, 2020 | |||
Document and Entity Information |
Aug. 13, 2020 |
|---|---|
| Document and Entity Information [Abstract] | |
| Document Type | 8-K |
| Document Period End Date | Aug. 13, 2020 |
| Entity Registrant Name | HarborOne Bancorp, Inc. |
| Entity Incorporation, State or Country Code | MA |
| Entity File Number | 001-38955 |
| Entity Tax Identification Number | 81-1607465 |
| Entity Address, Address Line One | 770 Oak Street |
| Entity Address, City or Town | Brockton |
| Entity Address, State or Province | MA |
| Entity Address, Postal Zip Code | 02301 |
| City Area Code | 508 |
| Local Phone Number | 895-1000 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, $0.01 par value |
| Trading Symbol | HONE |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | true |
| Entity Ex Transition Period | false |
| Entity Central Index Key | 0001769617 |
| Amendment Flag | false |