Two western Connecticut credit unions plan to merge in a move that could be completed next spring.

Shelton-based Mutual Security Credit Union plans to acquire Merritt Federal Credit Union in Wilton. The organizations have applied to the Connecticut Department of Banking and the National Credit Union Administration and are awaiting approval.

“We believe that the combined credit union will be able to offer a more robust, diversified portfolio of products that might not otherwise be available, as well as increase the accessibility of our locations throughout western Connecticut,” Mutual Security President Henry Baum said in an email to The Commercial Record.

Merritt’s CEO Diane Heggland plans to retire, Baum said.

Mutual Security Credit Union has $315.3 million in assets and more than 27,000 members, while Merritt Federal Credit Union has $12.1 million in assets and about 3,100 members, according to DOB and NCUA data.

No branches will close as a result of the merger. In addition to the Shelton office, Mutual Security Credit Union has branches in Danbury, Norwalk, Stratford and Watertown. Merritt Federal has one office in Wilton.

Baum hopes to complete the merger in the spring of 2020. Merging the credit unions would bring value to members, he added, and ensure the organization continues to grow as the financial services industry changes.

“Both Merritt Federal Credit Union and Mutual Security Credit Union have a very proud, rich history of over 65-plus years of service,” Baum said. “Working together and becoming one united organization provides us with the opportunity to better position ourselves as a strong alternative to other financial alternatives in our local market.”