Leominster-headquartered Fidelity Bank will acquire Barre Savings Bank in a deal anticipated to close in next year’s second quarter.

According to a joint statement, the combined institution, which will operate under Fidelity’s name and charter, will be the second-largest community bank in Worcester County, with 10 offices and approximately $750 million in assets. As of June 30, Fidelity had assets totaling $615 million and Barre had assets totaling $153 million.

“I have tremendous respect for [Barre Savings Bank President and CEO] Guy Boyer, the Barre Savings Bank board of trustees, employees and management team,” Fidelity Bank Chairman and CEO Edward F. Manzi said in a statement. “Barre Savings Bank has been a great example of what it means to be a community bank. I want to express how grateful and excited we are to have the opportunity to partner with this great organization to ensure these values are carried forward for years to come.”

“These are challenging times for smaller community banks,” Boyer said. “The ever-growing complexities of the banking business can be difficult for a bank the size of Barre Savings Bank. The new combined institution will allow us to make the investments necessary to stay competitive and deliver services, while never forgetting our community bank values.”

As part of the agreement, Fidelity will also establish a $1.5 million community foundation to benefit nonprofits in Barre, Paxton and Princeton.

Manzi will continue in his role as chairman and CEO of the combined institution. Boyer plans to retire, but will remain with the bank for at least three months following the merger. Three members of Barre Savings Bank’s board of trustees will join Fidelity’s board of directors, and the two groups said they will keep all of Barre’s employees post-merger.

The boards of both banks have approved the merger, which is still subject to a vote by Barre Savings Bank’s corporators, as well as federal and state regulatory approvals.