Easthampton-based Hometown Financial Group, Inc. has agreed to acquire Randolph Bancorp, the parent company of Quincy-based Envision Bank, in a deal valued at approximately $146.5 million.

The deal will see Envision Bank merge into Abington Bank, one of Hometown’s three banks, the two lenders said in a joint statement today. The combined bank will have $1.4 billion in assets, the banks said, and 11 South Shore branches in Abington, Avon, Braintree, Cohasset, Holbrook, Marion, Randolph and Stoughton.

The banks expect the deal to close in the fourth quarter.

In a separate statement, Envision Bank President and CEO William Parent called the announcement “bittersweet.”

“Very few community banks can match the level of success that we achieved,” Parent said. “However, it’s become evident that our ability to continue to profitably grow our franchise into the future is becoming more difficult due to the highly competitive environment in which we operate.”