Photo by James Sanna | Banker & Tradesman Staff

Two community banks plan to go ahead with a merger even as the coronavirus pandemic has seen bank operations focus on customers affected by the economic crisis.

Cambridge Trust Co. has received regulatory approval to acquire Wellesley Bank, and the banks plan to close the deal just after midnight on June 1, according to a statement from Cambridge Trust.

The merger had originally been planned for April but was delayed because of the coronavirus pandemic, Wellesley Bank said on its website.

Wellesley’s shareholders approved the transaction on March 12, and Cambridge Trust’s shareholders approved it on March 16. The banks plan to complete system and branding conversions in October, according to Wellesley Bank’s website. The combined organization will have total assets of nearly $4 billion.

The all-stock deal was announced in early December. It was valued at approximately $122 million, with Wellesley stockholders receiving 0.58 shares of Cambridge common stock for each share of Wellesley common stock.

Denis Sheahan, Cambridge Trust’s CEO, told Banker & Tradesman in December that the two banks have a common approach to banking, with similar business models, strategic focus and products, including lending and wealth management.

Cambridge Trust has offered wealth management services since the bank’s beginnings in 1890, and Sheahan said he saw opportunities in the new market, which includes Wellesley, Boston, Needham and Newton.

Other mergers awaiting approval include Cambridge Savings Bank and Melrose Bank, Bristol County Savings Bank and Rhode Island-based Freedom National Bank. Bridgewater Savings Bank and Mansfield Bank have received approval in April to merge from the Massachusetts Division of Banks, but the banks in March were granted an extension until July 31 by the Federal Reserve Bank of Boston to delay the transaction.