Adams Co-Operative Bank and South Adams Savings Bank have been granted final approvals from the Federal Deposit Insurance Fund, the Massachusetts Division of Banks and Depositor’s Insurance Fund of Massachusetts to merge into Adams Community Bank.

"This is an early Christmas present for both banks," said Joseph F. Truskowski Jr., president and CEO of Adams Co-Operative Bank.  "We anticipated receiving the news, but not all final approvals until after the holidays."

When the merger is completed in the first quarter of 2012, Adams Community Bank will consist of seven full-service offices located in Adams, Cheshire, Lanesboro, Lee, Williamstown and North Adams. In a statement, the banks said they are committed to creating jobs in Berkshire County, and no jobs will be eliminated as a result of the merger.

"We will now dedicate our full attention to developing our products and signage for Adams Community Bank so it’s a seamless transition for our customers," said Charles P. O’Brien, president and CEO of South Adams Savings Bank. "Since voting on the new name of the institution in October, we have been developing the brand elements – particularly Adams Community Bank’s logo."

Adams Co-Operative Bank, a state-chartered co-operative bank founded in 1895, has $196 million in assets and three offices in Adams, Lanesboro and North Adams. South Adams Savings Bank, founded as a state-chartered savings bank in 1869, has $197 million in assets and four offices in Adams, Cheshire, Lee and Williamstown.