On July 1, the former HarborOne Credit Union in Brockton, Mass.,will celebrate its first anniversary as HarborOne Bank.

While the institution's financial seas have been relatively calmthis past year, the post-conversion tides of profitability have notrisen to the levels expected. In some areas, in fact, the nearly $2billion financial institution seems adrift and in search of firmeranchorage.

The 2013 conversion of what was then Massachusetts'second-largest credit union to a mutual bank created a stir in thechanging credit union regulatory landscape. HarborOne, founded asBrockton Credit Union in 1917, was also one of the largest creditunions ever to seek a bank charter. Based on NCUA's slow responseto HarborOne's conversion request, the regulator was likely nothappy to see this one sail away, some have speculated.

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