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State banking officials have approved a planned merger of two credit unions that could create a $78 million-asset financial institution.

Bethel-based Western Connecticut Federal Credit Union had proposed in February to merge into SoundView Financial Credit Union. State Banking Commissioner Jorge Perez announced his approval of the merger earlier this month.

Western Connecticut FCU has about $34 million in assets and 2,900 members, according to National Credit Union Administration data. The field of membership includes the towns of Bethel, Bridgewater, Brookfield, Danbury, New Fairfield, Newtown, New Milford, Redding, Ridgefield and Sherman.

SoundView Financial Credit Union has about $44 million in assets and 3,500 members. SoundView’s field of membership includes Fairfield and Litchfield counties, as well as several employer groups. In addition to a branch in Bethel, SoundView has a branch at Gillette’s headquarters in Boston, Massachusetts.

uring economically challenging times it is good to evaluate options that keep us organizationally strong and adaptable,” Daniel O’Neill, board chair of Western Connecticut FCU, had said in a statement when the merger was first proposed. “We have considered merging with other like-minded organizations for a number of years, and I believe this merger is an important next step in helping to best serve our members. This merger, with a competitive credit union, will increase the size of our unified organization, thereby opening doors for better services, rates, and options.”