Merrimack Valley Credit Union is planning to absorb Bridgewater Credit Union in a proposed merger that will make the new entity one of the top 10 largest credit unions in the state by total assets.

With MVCU’s $596 million in assets and more than 48,000 members, and BCU’s $356 million in assets and more than 30,000 members, the new entity would have over $950 million in assets.

According to a statement from MVCU, the new entity will allow for expanded products and services, more financial assets, combined technology and personnel skills and expanded diversification of membership.

If the merger is approved, which it is expected to do this summer, BCU President and CEO John J. Howard will become the new entity’s president and CEO, while MVCU President and CEO Peter J. Matthews Jr. will transition into an advisory role and retire after the merger.

BCU has branches in Bridgewater, Fairhaven, Plymouth and Quincy, while MVCU has about 200 employees in branches in Lawrence, North Andover, Methuen, Haverhill, Plaistow, New Hampshire and Seabrook, New Hampshire.

There’s been a lot of merger activity in Merrimack lately; just last week, Merrimack-based Louise Mills Federal Credit Union announced that it would into and become a division of Worcester-based Webster First Federal Credit Union.