Seacoast Banking Corporation of Florida, the holding company for Seacoast National Bank, has entered into a definitive agreement to acquire First Green Bancorp, which holds the First Green Bank, for around $132.6m.

Under the terms of the agreement, First Green shareholders will receive 0.7324 Seacoast common stock  for each First Green share.

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Under the arrangement, First Green will merge its operations into Seacoast while First Green Bank will be merged with Seacoast Bank.

Currently, First Green has deposits of nearly $629m with an equal amount of loans.

First Green has seven branches in the Orlando, Daytona, and Fort Lauderdale markets. It is expected to add another five branches in the Orlando MSA region to further strengthen Seacoast’s presence.

Seacoast chairman and CEO Dennis Hudson III said: “This acquisition brings Seacoast a highly complementary banking institution in a transaction with excellent economics, strengthening our position in Orlando, which is already at scale, and our overall franchise in the state.

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“First Green builds upon our three previous Orlando acquisitions and subsequent organic growth, adding five branches and increased assets, deposits and distribution to our strong position in Florida’s third largest MSA.”

First Green founder and chairman Kenneth LaRoe said: “As we take the next step in our bank’s journey, we are delighted to partner with Seacoast, a highly respected institution with a more than 90-year history of serving Florida.

“Seacoast is recognised as one of the most innovative community banks in the nation, and we look forward to introducing their innovative suite of mobile and other products to our customers.”

In October 2014, Seacoast entered Orlando MSA region with the acquisition of The BANKshares and expanded its presence by purchasing Floridian Financial Group in March 2016 and BMO Harris’ Orlando banking operations in June 2016.