Citizens Financial Group, Citizens Bank’s parent company, has reached an agreement to purchase JMP Group LLC, a capital markets firm that provides investment banking services, including strategic advisory, equity research and sales and trading focused primarily on the healthcare, technology, financial services and real estate sectors. JMP, which was founded in 1999 and is headquartered in San Francisco, will operate as a wholly-owned subsidiary of Citizens.

The merger agreement has been unanimously approved by the boards of directors of each company, and the transaction is targeted to close in the fourth quarter of 2021. Based in Providence, R.I., Citizens Bank operates Berkshire County branches in North Adams and Pittsfield.