Brockton Postal and Government Employees Credit Union merged into Crescent Credit Union, also based in Brockton, late last month upon membership and regulatory approval.

The merger was initially announced in February, and both credit unions’ members voted to approve the merger. The new entity will operate under the Crescent Credit Union name, charter and bylaws. Massachusetts Banking Commissioner David J. Cotney approved the merger on April 30.

Founded in 1919, Crescent Credit Union was originally chartered to serve the financial needs of employees at the Tarlow Brothers Leather Company in Brockton. Crescent now has more than 47,000 members who live or work in Plymouth, Bristol, Norfolk and Barnstable counties. Established in 1923, Brockton Postal Employees Credit Union is the oldest postal credit union in the country, serving 1,800 members in the Brockton area.

Crescent President and CEO Robert W. Gustafson has previously told Banker & Tradesman that the merger will give both institutions a more competitive advantage in an environment of low interest rates and compressed margins. The deal would also allow Brockton Postal’s members access to more full-service branches and credit unions.