Boaties on a nearby vessel saw the boat flip and plucked the two men from the water.
However, conditions were too rough for anyone to check inside the upturned boat. After searching the area the rescuers returned to Opononi wharf and called Coastguard.
When Coastguard found the boat it was still upside-down and drifting towards rocks on the south side of the bar.
Cramp said he managed to get a towline onto the boat and tow it into calmer waters. He then set up a rig in a bid to right the boat, which was full of water and extremely heavy.
The boat could not be fully righted but it was enough to free the trapped man.
By that time the Northland Rescue Helicopter had arrived. A diver was lowered into the water by winch and brought the deceased to the rescue boat. All three men were wearing lifejackets, Cramp said.
If anything could be learned from the tragedy it was to always respect the sea. ''Even if the sea is slight it can still catch up with you — especially on the Hokianga bar.''
The dead man's name has yet to be formally released.
Pakanae Marae declared a rāhui barring the collection of seafood from part of the west coast either side of the harbour entrance and the westernmost end of the harbour. The rāhui was lifted at 4pm yesterday.