The parent company of Brookline Bank has received regulatory approval to acquire First Commons Bank. The transaction is expected to close March 1.

The two banks first announced the deal in late September, with a total transaction value of nearly $56 million. Several executives at the bank would also receive lump sum cash payments as part of the deal

First Commons Bank has $320 million in assets and two locations, one in Newton and one in Wellesley, both markets in which Brookline already has a presence.

Under the agreement, Brookline will pay $16.70 per share, or $52.5 million in Brookline stock, for the outstanding shares and warrants of First Commons Bank, as well as $3.4 million in cash for the outstanding options.

Brookline initially had the option to pay up to 50 percent of the consideration for the outstanding shares in cash, but the bank said in a January filing it would not elect to to take this route, and would convert all of First Commons’ shares in Brookline Bancorp shares.

First Commons Bank, which does not trade on a public exchange, first launched in 2009 as a nationally chartered bank after raising $18 million.