FleetBoston Financial Corp. said last week it would acquire Progress Financial and its 21 Progress Bank branches in Greater Philadelphia for stock valued at $211 million.

FleetBoston, the parent company of Fleet Bank, said the acquisition would boost to 127 its number of outlets in Pennsylvania. Progress Financial had $1.1 billion in assets and $741 million in deposits as of June 30.

Fleet has 1,500 branches throughout the Northeast, including Connecticut, and assets of $197 billion.

“Progress has a solid presence in demographically attractive markets that are a natural extension of our franchise in Philadelphia and eastern Pennsylvania,” FleetBoston Chief Operating Officer Eugene McQuade said in a statement. “In addition, this transaction underscores our strategic focus on serving consumers, small-business owners and commercial firms.”

Progress Financial’s chairman and chief executive officer, W. Kirk Wycoff, will become regional chairman and chief executive officer of Fleet’s Pennsylvania franchise.

Progress shareholders would receive 0.93 shares of Fleet stock for each share of Progress, subject to adjustments if Fleet’s shares rise above $33 or below $27.

Fleet said the transaction, expected to close in the first quarter next year and subject to regulatory and Progress shareholder approval, would add to net income.

Progress Financial shares were unchanged to close at $26.95 on the Nasdaq Stock Market last week while FleetBoston shares were down 11 cents to close at $29.61 on the New York Stock Exchange. (AP)