Two Massachusetts thrifts that are planning to merge next quarter have decided on a new name for the combined company.

At a special meeting Wednesday, shareholders at the $398 million-asset Framingham Co-operative Bank approved the thrift’s pending merger with Natick Federal Savings Bank and gave a thumbs up to the proposed new name, MutualOne Bank.

The deal between two of Massachusetts’ oldest savings banks, first announced in March, would create a company with more than $550 million of assets and three branches in the suburbs west of Boston.

Framingham’s president and chief executive, Mark R. Haranas, will assume the same roles at MutualOne while Natick’s president and CEO, Brian K. Peoples, and three other Natick directors would join its board.

The deal is still awaiting approval from regulators and is expected to close in the third quarter.

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