North Shore Bank and Merrimac Savings Bank will merge under North Shore’s name in a deal slated to close in the fourth quarter this year.

The combined bank will have almost $750 million in assets and 11 full-service branches across Essex County, as well as one in Southern New Hampshire.

“We have a desire to expand into Southern New Hampshire and Northern Essex County, and this gives us a platform for expansion in those markets,” North Shore’s President and COO Kevin Tierney told Banker & Tradesman.

He said the bank already does residential and commercial lending in Merrimac Savings Bank’s markets and the acquisition would provide a convenient depository location for those customers it already has.

Merrimac Savings Bank presently has two locations – in Merrimac and Newton, N.H. – and $73 million in assets. The bank was chartered in 1871.

“Merging with North Shore Bank will provide our customers with considerable benefits. Between higher lending limits, the ability to offer enhanced products and services and a much larger branch and ATM network, there is little question that the merger will have a favorable impact right from the outset,” Merrimac Savings Bank President and CEO John Meserve said in a statement announcing the deal. “In North Shore Bank, we’ve found an ideal merger partner that not only shares a long history but is as unwavering in its commitment to mutuality as it is to providing value to the cities and towns which we serve.”

The deal is still subject to approval by North Shore Bancorp’s directors, Merrimac Savings Bank’s corporators, the FDIC and the New Hampshire Division of Banks.

FinPro Capital Advisors Inc. served as financial advisor and Nutter, McClennen & Fish LLP is serving as legal counsel to North Shore Bank in the merger. Bowditch & Dewey LLP is serving as legal counsel to Merrimac Savings Bank in the merger.