Shareholders of Rockport National Bancorp Inc. approved a merger between Rockport National Bank and the Institution for Savings in Newburyport on Tuesday.

The Federal Deposit Insurance Corp., the Institution for Savings’ primary regulator, previously approved the proposed merger, and pending a few more regulatory approvals, the deal is set to close on Aug. 29.

"As community banks, Rockport National Bank and the Institution for Savings have so much in common," Institution for Savings President and CEO Michael J. Jones said in a statement. "In fact, both highly respected institutions have been committed to serving the financial needs of their customers and communities for well over 150 years. It is our goal to make this transition as seamless as possible for all customers."

Under the terms of the agreement announced in April, Rockport’s shareholders will receive $138.58 in cash in exchange for each share of common stock. That’s about 127 percent over its most recent closing price of $60.95 per share and 193 percent of Rockport’s book value as of the close of 2013.

The Institution for Savings will also fund a charitable foundation in the amount of $2 million to benefit not-for-profit organizations in the Cape Ann Community.

The combined bank will have 11 full-service offices in Salisbury, Newburyport, Rowley, Topsfield, Ipswich, Beverly, Rockport and Gloucester and $1.6 billion in deposits and $1.4 billion in loans.  Additionally, the bank will have educational branch offices in five high schools:  Newburyport, Triton Regional, Ipswich, Masconomet Regional and Beverly.