Seacoast Banking Corporation of Florida, the parent of Seacoast National Bank, has agreed to acquire First Bank of the Palm Beaches.

Under the agreement, First Bank will merge into Seacoast Bank, bolstering the latter’s presence in Florida.

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As per the agreed terms, First Bank shareholders will be entitled to receive 0.2000 shares of Seacoast common stock for each share held. The all-stock transaction is valued at $32.9m.

Seacoast anticipates the deal to be over 1.3% accretive to earnings per share next year and 2% accretive in 2021.

Once complete, the acquisition will add around $172m in deposits and $150m in loans to Seacoast’s books. The addition will raise Seacoast’s Palm Beach County deposits to nearly $821m.

First Bank chairman and CEO Joseph Shearouse, III said: “We set out in 2006 to establish a high quality banking alternative for the Palm Beach County community. We are delighted to partner with Seacoast, a like-minded and highly respected institution with a more than 90-year history of serving Florida.

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“Seacoast is one of the largest Florida-based community banks in the state, and its bankers understand the Palm Beach market. We know our customers will enjoy its impressive array of products and services.”

The transaction is expected to complete in the first quarter of 2020, subject to regulatory and shareholders’ approvals.

With around $6.9bn in assets, Seacoast Banking Corporation of Florida is one of the largest community banks in the state.

The company offers commercial and retail banking, wealth management and mortgage services.

Last year, Seacoast Banking Corporation of Florida acquired First Green Bancorp for $132.6m.