HAVERHILL, Mass. — The $99 million Northeast Community Credit Union has announced plans to merge with the local Haverhill Bank, which the credit union called the oldest mutual or cooperative bank in the Commonwealth.

The $106 million First Priority Credit Union, headquartered in East Boston, has already begun the process.

Under the terms of the proposed merger, which will have to have the approval of the Massachusetts government and NCUA, Haverhill Bank President Thomas R. Faulkner will serve as chairman and chief executive officer and Northeast Community Credit Union Treasurer and CEO Peter L. DiBenedetto will serve as president and chief operating officer.

“In this age of national bank mega-mergers, this union of two long-standing and respected local mutual institutions provides the greatest opportunity for improved services and choice for Greater Haverhill residents,” said Faulkner

DiBenedetto said, “We've continued to grow steadily since 1934 while maintaining a strong capital base. When we looked at what we wanted to be able to offer our members in the future, it made sense to combine our efforts with an institution that has similar values and is also coming from a position of strength.”