New Hampshire-based Northeast Credit Union and Maine-based Ocean Communities Federal Credit Union on Thursday announced their intent to merge, subject to regulatory and other approvals.

The merger would create one of the largest credit unions in the Northeast, with roughly 124,000 members, the credit unions said in a joint news release.

The combined institution would have 20 branches, with 15 locations across New Hampshire, along with another five branches in southern Maine.

The intent-to-merge agreement is the first formal step in the merger process. Approvals from the National Credit Union Administration, the state of New Hampshire Banking Department, and both credit unions’ memberships would need to approve the transaction. Both credit unions’ boards of directors and senior management teams have recommended approval of the merger.

Northeast Credit Union has over $1 billion in assets and serves more than 110,000 members at New Hampshire branches in Berlin, Concord, Conway, Dover, Exeter, Gorham, Lebanon, Lee, Manchester, Merrimack, Northwood, Plymouth, Portsmouth, the Portsmouth Naval Shipyard and Rochester.

Ocean Communities has five branches in Biddeford, Kennebunk, Saco, Sanford and Westbrook, along with several remote ATM locations. It has more than 12,000 members and assets of roughly $167 million.