Brookline Bancorp in Boston, Mass., has agreed to buy First Commons Bank in Newton Center, Mass.

The $6.6 billion-asset Brookline said in a press release Thursday that it will pay $56 million in cash and stock for the $324 million-asset First Commons. The deal, which is expected to close in the first quarter, prices First Commons at 149% of its tangible book value.

“We are very pleased to welcome the customers of First Commons Bank … and we look forward to getting to know its employees,” Paul Perrault, Brookline’s president and CEO, said in the release. “This combination leverages our unique talents and efforts within greater Boston and strengthens our position in the marketplace.”

Brookline said it expects the deal to be 2% accretive to earnings per share.

Brookline was advised by Goodwin Procter. First Commons Bank was advised by Keefe, Bruyette & Woods and Nutter McClennen & Fish.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.