Haverhill Bank and Northeast Community Credit Union have received final regulatory approval for their previously announced merger.

The National Credit Union Administration (NCUA) and Massachusetts Division of Banks have both approved the merger, the final regulatory step required to merge the two institutions.

Pending the official concurrence of both organizations, which will take place in the form of a “closing” in December, the merger will be completed. Combined operations under the Haverhill Bank name are expected to begin in January.  As state law requires, the resulting institution will remain a bank, the organizations said in a statement.

“Expect a smooth, organized transition. Both organizations have deep roots in the local community and hold similar values. Together, the organizations remain committed to providing superior personal service, empowering employees, supporting local businesses and participating in the community,” said Northeast Community Credit Union Treasurer and CEO Peter L. Di Benedetto. He noted the organizations use identical computer systems and home computer banking system, so operations will largely remain unchanged.

No layoffs of the companies' combined 85 staff are proposed and all branches will remain open immediately after the merger, according to a statement. The bank will have combined assets of approximately $260 million, deposits of $220 million and capital of $30 million, thereby enabling the ability to offer larger loans than either of the separate institutions may now provide.