Regulators 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.
Wainwright, 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.