File photo

The merger of Reading Cooperative Bank and Wakefield Co-operative Bank has been approved by regulators and will officially close on May 1, the two banks announced Tuesday.

The combined institution will have about $1.2 billion in assets and 14 full-service locations across 11 communities, up by 3 branches from Reading’s current total.

“Our leadership team has determined that this merger is in the best interest of our communities,” Wakefield Co-Operative Bank said in a statement. “Our goal is to enhance our combined effectiveness and deliver the best community banking experience possible. We plan to achieve this by investing in our people, products, and technology.”

The newly formed organization will retain the name Reading Cooperative Bank and will be led by Reading Cooperative Bank’s current president and CEO, Julieann M. Thurlow. Wakefield Cooperative Bank President and CEO Jeffrey A. Worth will become president of the combined entity.

“This partnership combines two financially sound organizations that have long been dedicated to their customers and the communities they serve,” Thurlow and Worth said in a joint statement. “Together, we will create a bank with greater size and scale, allowing us to provide even more relevant and innovative services for the future.”

No branches will be closed as a result of the merger. Wakefield Co-operative’s announcement noted that both banks share most primary service vendors, which should help make the transition relatively seamless for customers, the bank claimed.