First Citizens Bank and Trust Co. is beefing up its Florida presence with the acquisition of a banking company in Miami, according to a filing with the Securities and Exchange Commission.

The Raleigh, North Carolina-based commercial bank announced Friday the approval of an agreement that will see First Citizens acquire Biscayne Bancshares Inc., which has four branches in and around the Florida neighborhood of Coconut Grove.

Those four branches will become part of First Citizens once the transaction closes, which is expected to happen during the first or second fiscal quarter of 2019. Shareholders of Biscayne will be paid cash consideration of $25.05 per share.

The deal adds to First Citizens’ nationwide operation of more than 500 locations nationwide. It currently operates 28 branches in Florida.

On May 1, First Citizens completed an acquisition of Tampa, Florida-based Homebancorp Inc. that gave it 13 new branches in the state.

“First Citizens has served individuals and businesses in Florida for 20 years, and this agreement will complement our growing presence in the state,” First Citizens Chairman and CEO Frank B. Holding said in a statement.

Lorie Yarchin, Biscayne’s CEO, said a culture of strong service is shared between the two banks.

“Together we can leverage our combined market knowledge and expertise and expand upon what each company has established to be even more successful,” Yarchin said.

Biscayne, which was founded in 2005, reported $990 million in total assets, $746 million in deposits and $834 million in loans as of Sept. 30.

As of that same date, First Citizens reported nearly $35 billion in total assets, $30.1 billion in deposits and $24.6 billion in loans.

Near the close of trading Friday, First Citizens’ parent company, First Citizens Bancshares Inc., was trading at $436.25, down slightly from the day’s opening.