EasternBankRegulators approved Eastern Bank Corp.’s $163 million takeover of Wainwright Bank & Trust Co., the companies said Monday.

The companies announced an agreement in June in which Wainwright shareholders would receive $19 in cash for each share.

Wainwright will eventually be folded into Eastern after a transition period, though it will operate as a separate bank.

Eastern Bank Corp., based in Boston and founded in 1818, is the largest independent and mutually owned bank in New England with nearly $7 billion in assets and more than 80 branches in eastern Massachusetts.

WainwrightWainwright, founded in 1987, has $1 billion in assets and 12 branches in the Boston area. Wainwright positions itself as a socially progressive bank, and says it has committed more than $800 million in loans to development projects geared to such causes as affordable housing, environmental protection and homeless shelters.

The transaction is set to close Wednesday.

 

Regulators Approve Eastern Bank’s $163M Acquisition Of Wainwright

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