Holyoke-based PeoplesBank is expanding into Connecticut.

The parent company of the bank announced last week that it would acquire The First National Bank of Suffield, whose coverage area is in Connecticut near the Massachusetts border.

PeoplesBancorp will purchase the parent of The First National Bank of Suffield for approximately $60 million, representing about 202 percent of the bank’s tangible book value. Shareholders of Suffield Financial Inc. will receive slightly over $12,000 in cash per share.

“We see this as a tremendous opportunity. The strategic fit between the organizations is compelling, and the compatibility of our award-winning corporate cultures should make for a seamless transition for our associates and our customers,” Tom Senecal, president, CEO and chairman of the board of PeoplesBank, said in a statement. “The addition of an existing, successful branch network in Northern Connecticut to our strong presence in the Pioneer Valley will allow us to offer our products and services to a wider audience, while deepening our commitment to the region as a whole.”

The roughly $2.4 billion asset PeoplesBank and its 17 branches will add about $273 million in assets and four branches to its footprint. Following completion of the merger, the current branches of The First National Bank of Suffield will remain open and will conduct business under the trade name “First Suffield Bank, a Division of PeoplesBank.”

“Since our organization [began] in 1864, The First National Bank of Suffield has successfully served our customers and the local communities,” Joseph Greco, president and CEO of The First National Bank of Suffield, said in a statement. “We recognize banking is a rapidly changing industry and to ensure our customers’ needs are fulfilled, while not losing our commitment to the communities we serve, we are merging with PeoplesBank and know that it is an organization which shares our commitment to service and community banking.”

Upon completion of the transaction, one current member of the board of directors of First Suffield Financial will be appointed to serve as a member of the board of trustees of PeoplesBancorp and the board of directors of PeoplesBank.

The parties anticipate the transaction will close in the fourth quarter of 2018 or the first quarter of 2019, pending regulatory approval.