Citizens~Union Savings Bank and Bank of Fall River, both based in Fall River, have officially merged.

The bank merger creates a combined financial institution with $861 million in assets, $680 million in deposits and 250 employees through a 14-branch network, according to a statement. The merger was first approved by the board of directors of both banks in August 2010 and became official on Jan. 1.

The banks’ systems are scheduled to be integrated later this year. Until integration is complete, Bank of Fall River will operate as a division of Citizens~Union Savings Bank. After the systems integration, all branches will operate under the name Citizens~Union Savings Bank.

"We are very pleased to welcome the Bank of Fall River into the Citizens~Union family," said Nicholas Christ, president and CEO of Citizens~Union Savings Bank. "We have long respected the good work that Bank of Fall River has done and the excellent reputation it enjoys in the community, and we know that together, we will accomplish even greater things on behalf of our customers."

There aren’t plans to close any Bank of Fall River branch offices or to cut jobs as a result of the merger.