US-based Brookline Bancorp has signed a deal to purchase PCSB Financial and its subsidiary PCSB Bank in a stock-cash deal worth around $313m.

As per the agreed terms of the merger deal, PCSB shareholders will be entitled to receive either $22 in cash or 1.3284 shares of Brookline common stock for each share held.

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The deal is anticipated to bolster Brookline’s banking franchise in the Northeast with more than $10bn in assets.

PCSB is the bank holding company for PCSB Bank, which is a New York-chartered commercial bank.

It operates in the Lower Hudson Valley of New York State via its executive offices and 14 branch offices.

Upon deal completion in the second half of this year, the acquired lender will operate as a separate bank subsidiary of Brookline.

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The deal has already secured the green light from the two companies’ boards and currently awaits shareholder and regulatory clearance.

Brookline chairman and CEO Paul Perrault said: “This transaction represents a unique opportunity for Brookline to expand its banking operations into one of the country’s largest deposit markets through the acquisition of a complimentary commercial banking organisation.

“PCSB has a high-quality loan portfolio, deposit base and talented employees, making it an excellent addition to our organisation.”

PCSB chairman, president and CEO Joseph Roberto said: “Paul and his team have built an impressive regional financial services company with a bedrock culture of performance, service and support of their customers, employees and shareholders.

“Partnering with Brookline will allow PCSB to deliver even more value to our communities and customers as we continue to expand in the lower Hudson Valley.”