Volksbank Haselünne eG and Raiffeisenbank Emsland-Mitte eG said July 9 that they will merge at the start of 2017.

Members of the two lenders — which are based in northwest Germany, near the Dutch border — will likely formally approve the proposed merger retroactively at a June 2017 meeting.

The banks' combined total assets will be €642 million after the merger.