Citizens Financial Group is acquiring a San Francisco-based capital markets firm — the latest in a string of purchases by the Providence, Rhode Island, bank.

Citizens will pay approximately $149 million in cash to buy JMP Group, the $185 billion-asset bank said Wednesday.

JMP’s shareholders will receive $7.50 for each common share they own, according to the terms of the deal.

Providence, Rhode Island-based Citizens has agreed to pay approximately $149 million in cash to buy JMP Securities.

Kelvin Ma/Bloomberg

JMP provides investment banking services, including equity research, strategic advisory and sales and trading. It largely focuses on the technology, health care, financial services and real estate industries.

“We are adding a wealth of talented bankers as well as an institutional equities franchise that aligns well with our sector-focused corporate banking philosophy,” Donald McCree, Citizens’ vice chairman and head of…

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