Sharon Credit Union and Brockton-based Crescent Credit Union are planning to merge.

The two credit unions will form a new entity with more than $1 billion in assets, 12 branches and more than 81,000 members, making it one of the 10 largest credit unions in the state.

Sharon Credit Union has over $600 million in assets and five offices: two in Sharon and one in East Walpole, North Attleboro and Mansfield. Crescent Credit Union has over $450 million in assets and seven offices, four in Brockton, one in Norwell and two in Taunton.

Leveraging the brand of both institutions, the combined credit union will be called Sharon and Crescent United Credit Union and will be branded as SCU Credit Union. The proposed merger will not result in any job losses.

“Basically, the credit union and banking industry is going through a consolidation phase,” Robert Gustafson, president of Crescent Credit Union, told The Brockton Enterprise. “It’s to gain size and scale, to be strongly competitive within the industry and to meet the evolving needs of our membership. We’ll be a larger, stronger institution, able to offer more competitive products.”

Consolidation is nothing new, but the $1 billion-asset threshold seems to becoming more and more common in the banking industry.

Merrimack Valley Credit Union and Bridgewater Credit Union last year merged to create a credit union over $1 billion. Also last year, North Easton Savings Bank and Whitman-based Mutual Bank announced they would merge to cross the $1 billion asset threshold.

The merger vote by credit union members could take place as soon as August, Gustafson told The Enterprise.