The merger of Michigan-based Independent Bank and Massachusetts-based Blue Hills Bancorp has received the green light from regulators.

Under the agreement, Independent will snap up Blue Hills.

On the other hand, Independent subsidiary Rockland Trust Company will take over Blue Hills Bank- a subsidiary of Blue Hills.

The deal, valued at around $726.5m, was first announced in September last year.

At the time of deal announcement, Independent president and CEO and Rockland Trust CEO Christopher Oddleifson said: “Blue Hills Bank is a strong, well run, growing company with a tremendous franchise.

“This acquisition will strengthen the position of Rockland Trust in Eastern Massachusetts and also permit us to expand onto Nantucket Island.”

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Blue Hills Bancorp managed $2.7bn in assets, $2.3bn in loans, and $2.1bn in deposits at the end of June 2018.

It has presence in Boston, Dedham, Hyde Park, Milton, Norwood, West Roxbury, Westwood, and Nantucket Island.

The transaction got the go-ahead from shareholders this January.

As per the agreed terms of the transaction, stockholders of Blue Hills will be entitled to receive 0.2308 of a share of Independent common stock along with a cash payment of $5.25 for each share held.

The deal is expected to be wrapped up on 1 April 2019.