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The parent company of Rockland Trust Co. has agreed to acquire East Boston Savings Bank in a deal valued at $1.15 billion.

Rockland Trust said in a statement Thursday that the boards of each company have unanimously approved the transaction, and the merger is expected to close in the fourth quarter of 2021, subject to regulatory and shareholder approvals and other closing conditions.

Shareholders of East Boston Savings Bank’s parent company, Meridian Bancorp Inc., will receive 0.2750 shares of common stock of Rockland Trust’s parent company, Independent Bank Corp., for each share of Meridian common stock. The deal represents 150 percent of Meridian’s tangible book value.

“This merger is consistent with our strategy of acquiring banks in overlapping and adjacent markets who share our relationship-focused style of banking,” Christopher Oddleifson, president and CEO of Independent and CEO of Rockland Trust, said in a statement. “East Boston Savings Bank has been committed to building meaningful connections with their customers since 1848 and we are excited to work alongside them to deepen those relationships with expanded products, services, and technology. At the same time, we look forward to increasing our presence in and around the city and reinforcing our position as the Boston area’s premier community-focused commercial bank.”

East Boston Savings Bank has 42 full-service locations, one mobile branch and three loan centers in the Greater Boston area. The bank has $6.5 billion in total assets, $5.3 billion in loans and $5.1 billion in deposits.

“This transaction brings together two strong banks with a long and rich history serving and investing in our local communities,” Richard J. Gavegnano, president and CEO of East Boston Savings Bank said in a statement. “We are excited to join a like-minded organization dedicated to creating exceptional customer experiences, built on trust and quality service, while also providing an attractive return to our stockholders.”

Rockland Trust has more than $13 billion in assets and approximately 100 retail branches, commercial and residential lending centers, and investment management offices in Greater Boston, the South Shore, Cape Cod and Islands, Worcester County and Rhode Island.

“Following this merger, Rockland will have approximately $20 billion in assets,” Oddleifson said. “In addition to the market-leading commercial lending capabilities, this acquisition will further enhance our core deposit franchise value and allow for the expansion of Rockland’s broad financial product set to an expanded business and consumer customer base.”

The announcement follows news earlier this month that Eastern Bank would acquire Century Bank in an all-cash deal. Boston Private, People’s United Bank and Webster Bank have also announced pending deals this year.