Framingham Co-operative Bank shareholders have approved the bank’s plan to merge with Natick Federal Savings Bank. Voters also approved the proposed name for the new, combined institution as MutualOne Bank.

The combined bank will consist of three full-service banking offices – two located in Framingham and one in Natick – and an administration center in Framingham. The assets of the two banks will be blended and the employees of the banks will be combined.

Mark Haranas, president and chief executive officer of Framingham Co-operative Bank, and Brian Peoples, president and chief executive officer of Natick Federal Savings Bank, previously said no jobs will be lost as a result of the merger, according to a statement.

The combined bank will operate under a Massachusetts co-operative bank charter, with Haranas serving as president and CEO. Peoples and three other members of the Natick Federal Savings Bank board of directors will join the current members of the Framingham Co-operative Bank board of directors to form the governing board of MutualOne Bank.

All deposits at MutualOne Bank will be insured in full through a combination of coverage by the Federal Deposit Insurance Corporation (FDIC) and the Share Insurance Fund (SIF) of Massachusetts.

Framingham Co-operative Bank, a state-chartered mutual co-operative bank founded in 1889, had $398 million in assets as of Dec. 31. Natick Federal Savings Bank, a federally chartered mutual savings bank formed in 1886, had $156 million in assets as of Dec. 31.

The merger, which also requires approval by regulatory agencies, is expected to be completed during the third quarter of 2012.