East Cambridge Savings Bank and Chelsea Bank recently announced the completion of their merger.

Effective this month, Chelsea Bank will operate as a division of East Cambridge Savings Bank. The deal brings the combined bank’s assets to just more than $940 million with 10 locations across Middlesex and Suffolk counties.

"We are very pleased about our partnership – bringing together the staffs of East Cambridge Savings Bank and Chelsea Bank," East Cambridge President and CEO Gilda M. Nogueira said in a statement. "Our organizations, and with similar corporate cultures, credit our long-term success to the confidence and trust of the generations of families that we have served."

Joseph M. Vinard, president and CEO of Chelsea Bank, will continue to work at the Chelsea Banking Center, along with his entire staff, and will serve as division president. Chelsea Bank board members have also joined the board of the combined institution.

Editor’s Note: This story has been updated since it was first published on March 3 to reflect that the deal brings the banks’ combined assets to $940 million, not $490 million, and that the bank does not operate in Essex County. We regret the errors.