Both FDIC and the Massachusetts Division of Banks have approved the merger of Economy Co-operative Bank of Merrimac into and with Haverhill Bank.

Economy Bank’s sole office in Merrimac will operate under the Haverhill Bank name beginning Jan. 3.

FDIC Assistant Regional Director Mary A. Barry provided Federal approval Nov. 3, while Massachusetts Commissioner of Banks David J. Cotney gave state approval Nov. 30. Each agency solicited public comments and evaluated benefits before determining the merger is in the public interest, according to a statement.

"Both federal and state agencies came to the same conclusion as depositors that the consolidation will benefit customers. Some of the benefits include a larger lending limit, job retention, convenience of additional bank branches and a drive-up ATM in Merrimac," said Haverhill Bank President and CEO Thomas L. Mortimer.

Economy Co-operative Bank Vice President and CEO Gary B. Gozycki added, "Every effort is being made to ensure a smooth transition for Economy Co-operative customers."

The consolidated bank will have approximately $284 million in assets, seven banking offices, $30 million in capital and 70 employees. There will be no layoffs or office closings, officials said. The banks agreed to merge last August and depositors of both gave approval during separate votes in October. While all offices will operate under the Haverhill Bank name Jan. 3, integration of accounts will not take place until early February.