A proposed merger between SpencerBANK and Southbridge Savings Bank recently received approval by regulators, as well as their own trustees and corporators, to merge their mutual holding companies into one entity, the banks said today.

SpencerBANK and Southbridge Savings will continue to operate as two separate organizations, but their holding companies, Spencer MHC and Green Valley Bancorp MHC, will merge under the name SSB Community Bancorp MHC.

Spencer Mid-tier Holding Co. and Green Valley Bancorp Inc., the subsidiary mid-tier holding companies of Spencer MHC and Green Valley Bancorp MHC, respectively, will also combine under the name SSB Community Bancorp Inc. in connection with the merger, which is expected to close at the end of the month.

The combined mutual holding company will have over $1 billion in total consolidated assets and $108 million in equity capital, and will represent a branch network of 15 offices throughout Central Massachusetts.

Michael Robbins, president and CEO of SpencerBANK, will become the chairman and CEO of the combined mutual holding company while Todd M. Tallman, president and CEO of Southbridge Savings, will become president and treasurer. Both will continue to work as president and CEO of their respective banks.