Two mutual banks in Southeastern Massachusetts are merging.

North Easton Savings Bank and Whitman-based Mutual Bank announced earlier this week an agreement to merge operations. The combined entity will continue on as North Easton Savings Bank.

North Easton Savings Bank had nine locations and roughly $557 million in assets as of Sept. 30, according to the FDIC, while Mutual Bank had nine locations and  just over $500 million in assets, bringing the combined institution over $1 billion in assets.

All 18 branch locations will remain open and transition to the North Easton Savings Bank name when the deal is completed.

Bob Berg, the current CEO and president of North Easton Savings Bank, is planning to retire in early 2019. When that happens, Mutual Bank CEO Rich Spencer will succeed him as CEO of the combined institution. Members of both banks’ management teams will retain senior roles in the new entity.

“Our bank has continued to grow, and we have a strong reputation in the area for being forward-thinking and customer-centric in our approach,” Spencer said in a statement. “This merger will not only solidify that position, but also benefit our customers through an expanded network of products and services to help them achieve their financial goals.”

The banks in a joint statement said the merger will enable the combined institution to more effectively meet the needs of customers across southeastern Massachusetts.

When the merger is complete, customers of both banks will have an extended network of branch locations and ATMs, along with an expanded offering of products and services, the banks said in a statement.

“Mutual Bank’s culture, values and commitment to customers mirror our own,” Berg said in a statement. “And this merger will clearly position us as the leading community bank headquartered in southeastern Massachusetts.“

K&L Gates served as legal counsel to North Easton Savings Bank and Luse Gorman served as legal counsel to Mutual Bank.