Braintree-based Liberty Bay Credit Union will acquire Hingham Federal Credit Union in a deal slated to close early next year.

The combined institution will have more than 14 percent capital, serve 27,000 members and manage $700 million in balance sheet assets. All of Hingham Federal’s management and staff will be retained by Liberty Bay and three Hingham Federal Credit Union directors will join the Liberty Bay Credit Union board of directors.

“We are pleased to welcome Hingham Federal members to our credit union family,” Ed Lopes, president and CEO of Liberty Bay Credit Union. “As we embark upon our 100th year, we are taking many exciting steps to grow the credit union’s community presence. Merging with Hingham Federal creates a perfect extension of our branch footprint and aligns us with an institution committed to the best in member service and deeply rooted in its communities. We will also strengthen the Liberty Bay board with the presence of three business savvy community leaders who appreciate the Hingham Federal Credit Union legacy. Simply put, together we are better.”

“Similarities in our primary service areas, our member-first business philosophies, and our shared belief that community service is the best way to develop business will make for an easy assimilation of corporate cultures,” Hingham Federal CEO Joe Bean said. “We look forward to the beneficial impact of the transaction on our members and our staff.”

The two credit unions are now awaiting approval from the National Credit Union Administration, Massachusetts Division of Banks and Massachusetts Credit Union Share Insurance Corp., as well as their respective memberships.