Two local Maine banks have merged into a single company valued at nearly $1 billion.

Biddeford Savings and Mechanics Savings of Auburn now operate under a single charter as divisions of Maine Community Bank. The new bank was established Wednesday.

The two local banks will mostly keep their individual brands and all 10 branches will stay open, Maine Community Bank CEO Jeanne Hulit said in an interview.

The two banks joined under a mutual holding company called Maine Community Bancorp in 2016, but announced plans to consolidate into a single company last April.

“As the alliance went into effect and a lot of things were being harmonized between the two banks, it made it clear that merging them as one legal entity made a lot more sense than having two chartered banks,” Hulit said.

With two charters under a holding company, the banks could share administration but still had individual regulatory and oversight costs. Merging to a single company will save on overhead and help the company grow, she said.

“The time and money that went into that will be invested into the bank instead,” Hulit said.

There are no plans to reduce the banks’ 170 employees or close any branches. With consolidation, the new bank doubles its lending capacity and can offer customers aligned products.

The merger also gives the community bank a competitive edge by allowing it to better compete against bigger banks, Hulit said.

Customers should experience very few changes, she said. By September, the core systems will be merged and customers can bank at any of its branches.

“By the end of September, whether you are at a Mechanics Savings in Topsham or a Biddeford Savings in Kennebunk, you will still be able to transact business,” Hulit said.