Westfield Financial and Chicopee Bancorp recently received the final regulatory approvals needed to move forward with a merger slated to close in the fourth quarter.

With approval from the Federal Reserve System’s board of governors and the OCC, the holding companies for Westfield Bank and Chicopee Savings Bank are now awaiting the approval of the Massachusetts Board of Bank Incorporation, as well as their respective shareholders.

The transaction, announced this spring, will create the second largest bank by deposit market share in Hampden County, Westfield said. The combined institution will have $2.1 billion in total assets, more than $215 million in tangible equity and 21 branches across Western Massachusetts and Northern Connecticut.

Westfield will be the remaining institution after the deal closes.