Eastern Bank, which has a Sharon branch, plans merge with The Community Bank by Dec. 31.
The Community Bank would become part of Eastern, Eastern officials said today in a press release.
The deal requires approval from state and federal regulators, as well as the banks' corporators and holding companies, according to the press release.
Boston-based Eastern has 94 branches. The local ones are at 7 South Main St., Sharon; 39 Washington St., Canton; 240 Providence Highway, Dedham; and 397 Washington St., Stoughton.
Brockton-based Community has five branches, none locally.
"The Community Bank has a long, distinguished history of serving its communities, but in recent years the economy has taken its toll on the bank," Eastern Bank Chairman and CEO Richard E. Holbrook said in the statement.
"This partnership will enable The Community Bank to continue to meet the needs of its customers under the Eastern Bank brand, while enabling Eastern to better serve southeastern Massachusetts and the Cape."
Eastern's last merger was in 2007, with the Sharon Co-Operative Bank, according to the press release.