As part of Brookline Bancorp’s acquisition of Bancorp Rhode Island, shareholders of Bancorp Rhode Island have until Sept. 26 to decide if they want to receive Brookline Bancorp common stock, cash or a combination of both.

Under the terms of the merger agreement, each Bancorp Rhode Island shareholder will receive in the merger, for each Bancorp Rhode Island share and at the holder’s election, either 4.686 shares of Brookline common stock or $48.25 in cash, according to a statement. All elections are subject to the allocation and proration provisions set forth in the merger agreement, which are intended to ensure that approximately 2.3 million shares of Bancorp Rhode Island common stock, or approximately 50 percent of the total number of shares of Bancorp Rhode Island common stock outstanding immediately prior to the completion of the merger, will be converted into shares of Brookline common stock. The remaining shares of Bancorp Rhode Island common stock will be converted into cash, the companies said in a statement.

Bancorp Rhode Island shareholders who wish to elect to receive either Brookline common stock, cash, or a combination of stock and cash in exchange for their shares of Bancorp Rhode Island common stock must deliver a properly completed election form and letter of transmittal, together with their Bancorp Rhode Island stock certificate(s), to American Stock Transfer & Trust Co. before 5 p.m. on Sept. 26.