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Lynn-based St. Jean’s Credit Union has agreed to acquire Revere Municipal Employees Federal Credit Union, adding to a growing list of small credit unions in Massachusetts combining with a larger institution.

The credit unions said in a statement yesterday that the planned merger would combine St. Jean’s Credit Union’s 17,000 members with Revere Municipal’s 2,200 members, resulting in an organization with combined assets of over $337 million. Revere Municipal has about $18 million in assets, while St. Jean’s has about $320 million.

Revere Municipal’s membership includes municipal employees in Revere and Winthrop, and the credit union has two branches in Revere. St. Jean’s Credit Union, which was founded in 1910 as Massachusetts’ first credit union, has a membership that includes anyone who lives or works in Essex, Middlesex or Suffolk counties and employees and family members of H.P. Hood LLC.

“Both of our teams are excited for the opportunities that combining forces will bring to our members and our employees,” John Kingston, manager of Revere Municipal Employees Federal Credit Union, said in the statement. “With the talent and products at both credit unions, we will be able to provide a competitive edge, enabling us to offer best-of-breed products and services to our membership.”

St. Jean’s Credit Union, which has predominantly low-income members and is designated as a low-income credit union, has five branch offices in Lynn, Revere, Salem and Newburyport.

“The combination of our credit unions will allow us to further dedicate resources to the municipal employees in Revere, both in-person and digitally,” C. David Surface, president and CEO of St. Jean’s Credit Union, said in the statement. “Currently, both of our credit unions deliver great value to our membership, our leadership teams and Boards of Directors believe we can be even greater together.”

The credit unions said they expect the merger to be completed in early 2022, subject to regulatory and membership approvals.

The merger will join five other credit union combinations that took place in Massachusetts in 2021, as some of the state’s smallest institutions joined with larger organizations. Waltham-based RTN Federal Credit Union completed its acquisition last week of Artmet Federal Credit Union, previously the state’s smallest credit union with about $300,000 in assets.

Other deals included Shrewsbury-based Central One Federal Credit Union’s acquisition of Worcester-based St. Vincent Hospital Credit Union, which had about $14.6 million in assets and 1,500 members, and Pittsfield-based Greylock Federal Credit Union’s acquisition of the Credit Union of the Berkshires, which had about $20 million in assets and 1,500 members.

Chelsea-based Metro Credit Union made two acquisitions this year, merging with Gloucester Municipal Credit Union in February and Gloucester Fire Department Credit Union in November.