A proposed merger that would have created one of the top 10 largest credit unions in the state appears to have fallen apart.

Merrimack Valley Credit Union and Bridgewater Credit Union on May 4 withdrew their application to merge, according to the Massachusetts Division of Banks.

The merger, which was proposed in March, would have seen the nearly $600 million asset Merrimack Valley Credit Union absorb the $350 million plus asset Bridgewater Credit Union and come out as an entity nearing $1 billion in assets.

Bridgewater Credit Union, which has more than 30,000 members, has branches in Bridgewater, Fairhaven, Plymouth and Quincy. Merrimack Valley Credit Union, which has more than 48,000 members, has about 200 employees in branches in Lawrence, North Andover, Methuen, Haverhill, Plaistow, New Hampshire and Seabrook, New Hampshire.

According to a statement from MVCU in March, the new entity would have allowed for expanded products and services, more financial assets, combined technology and personnel skills and expanded diversification of membership.

If the merger had gone through, Bridgewater Credit Union President and CEO John J. Howard would have become the new entity’s president and CEO, while Merrimack Valley President and CEO Peter J. Matthews Jr. would have transitioned into an advisory role and retired after the merger. Both Howard and Matthews did not return requests for comment.