Banker & Tradesman file photo

Boston-based Eastern Bank and Medford-based Century Bank say they have all the regulatory approvals they need to consummate their merger deal.

The banks issued a joint statement yesterday afternoon saying the state Division of Banks, the Federal Deposit Insurance Corp. and the Board of Governors of the Federal Reserve System have now all signed off on the deal, which is expected to close in the mid-fourth quarter of 2021. The deal is expected to create one of the largest, Boston-based banks with $23 billion in assets and dramatically reshape the banking landscape along with the similarly-large Rockland Trust Co.-East Boston Savings Bank deal, also expected to close this year.

“We are excited to receive the required regulatory approvals for our merger with Century Bank, and to continue with the next steps in completing the integration of our businesses,” Eastern Bank chairman and CEO Bob Rivers said in a statement. “We are deeply grateful to the teams at both banks for their outstanding customer service, collaboration, and support of the communities where we operate, all while managing the impact of the pandemic. We look forward to welcoming our newest colleagues to Eastern, and to offering a broader network of banking services to help meet our customers’ financial goals.”

Eastern and Century shareholders had previously approved the deal in July.

“We look forward to the two banks coming together and the opportunity this will create for customers, including through increased banking locations, greater digital banking options, far-reaching community philanthropy and more,” Century chairman, President and CEO Barry Sloane said in a statement. “Many of the familiar faces that customers have come to know will continue in their roles, and we are committed to making the transition to Eastern Bank as seamless as possible.”