Bally Savings Bank, with $47 million in deposits in a single Berks County branch, will merge with Ambler Savings Bank, which has four branches in Montgomery County, Ambler Savings said.

The merger of the two mutual savings banks, which are owned by depositors, will create an institution with $324 million in deposits and $395 million in assets, Ambler Savings said.

Both boards of trustees have approved the merger, which is pending regulatory approvals.