Webster First Federal Credit Union will merge with the Boston-based Industrial Credit Union (ICU) this spring, the two organizations announced this week.

According to a statement from Webster First, ICU’s board of directors unanimously voted to pursue the merger effective May 31 at a mid-February meeting.

"We look forward to combining the two institutions and strengthening our presence in the Boston market," Webster First President and CEO Michael Lussier said in a statement.

Headquartered in Worcester, Webster First currently has assets totaling just over $630 million. Over a series of mergers in recent years – with Saugus Federal, Fitchburg Federal, Winthrop Federal and Filene Federal Credit Union – it has expanded into Essex, Middlesex and Suffolk counties.

Industrial Credit Union has more than $170 million in assets and operates out of its main office in Boston’s financial district.