The Massachusetts Division of Banks has approved the planned merger of the Springfield-based NUVO Bank & Trust Company and the South Burlington, Vermont-based Merchants Bank.

The companies have now have received all required regulatory and shareholder approvals necessary to complete the merger, which is expected to close on or about Dec. 4.

“We are pleased to have received the approval of state and federal regulators and NUVO’s shareholders and look forward to expanding our franchise into the Springfield market,” Michael R. Tuttle, president and CEO of Merchants, said in a statement.

“We are excited to be joining the Merchants team and becoming a part of its outstanding banking franchise. Merchants’ platform of banking products and services will allow us to deliver an expanded array of banking products while sustaining our commitment to exceptional service to our customers and communities,” Donald R. Chase, NUVO’s board chairman, said in a statement.

NUVO shareholders can elect to receive, for each share of NUVO common stock, 0.2416 shares of Merchants common stock or $7.15 in cash, or a combination of cash and stock, subject to the allocation and proration provisions contained in the merger agreement. The deadline for return of the cash/stock elections is Nov. 13.