In the past few quarterly calls, Chris Oddleifson, CEO of Rockland Trust and its parent company Independent Bank Corp., has said the bank was hungry for another acquisition.

Now we know he wasn’t kidding.

The company announced yesterday that it would acquire the parent of The Milford National Bank and Trust Co., making it the fourth year in a row that Rockland Trust has purchased a bank.

The transaction is valued at roughly $54.2 million, where each share of MNB bancorp will be exchanged for either 3.55 shares of Independent common stock or $275 in cash, subject to customary pro-ration procedures, which will result in an aggregate stock to cash consideration mix of 75 percent stock to 25 percent cash. The transaction is intended to qualify as a tax-free reorganization for federal income tax purposes and to provide a tax-free exchange for MNB shareholders who receive Independent common stock as consideration.

“Rockland Trust already has a Milford presence with many customer relationships in Milford and the surrounding area. We welcome the opportunity to further broaden our Worcester County presence by joining Milford National with Rockland Trust,” Oddleifson said in a statement. “This acquisition is a natural expansion and strengthening of our existing presence in Milford and Worcester County. We look forward to welcoming Milford National colleagues and customers to Rockland Trust.”

The acquisition will give the roughly $8.1 billion asset Rockland Trust over $360 million in deposits with a current overall cost of deposits of 0.40 percent, and $308 million in loans with a current yield of 4.71 percent. The purchase also includes Milford National’s wealth management business and its roughly $167 million of assets under administration, as well as three branches in the Worcester County, two in Milford and one in the adjacent community of Mendon.

Milford National has been profitable in past years and managed to grow assets.

“We are extremely pleased to join Rockland Trust, a growing bank with a terrific brand,” Kevin Meehan, chairman of the board of Milford National, said in a statement. “Our customers will enjoy the greater range of products, services and convenience that Rockland Trust offers.”

Independent anticipates issuing approximately 528,375 shares of its common stock in the merger and intends to fund the cash portion of the consideration from internal sources. One-time expenses attributable to the merger are expected to be approximately $5.3 million after tax, in the aggregate, incurred in 2018 and 2019.

The purchase of Milford is Rockland’s eighth acquisition in nearly a decade. The company acquired Slades Ferry Trust Co. in 2008, purchased Benjamin Franklin Bank and its nearly $1 billion in assets in 2009 and then acquired Somerville-based Central Co-operative Bank, gaining nine branches to the north and west of Boston, in 2012.

Following another acquisition of Mayflower Co-operative Bank in 2013, the company announced a year later it would purchase the holding company of People’s Federal Savings Bank, at last giving Rockland branches in the Boston area. Oddleifson then turned his eyes toward the Cape, purchasing Bank of Cape Cod in 2016 and The Edgartown National Bank in Martha’s Vineyard in 2017.

The boards of directors of Milford and Rockland have unanimously approved the transaction and the parties anticipate that the deal will close in the fourth quarter of 2018.