Union Federal Savings & Loan Association and First Federal Savings & Loan Association, two mutuals in Kewanee, Ill., have agreed to merge.

As mutual thrifts, the merger will not involve financial considerations. The institutions expect the transaction to close in the first quarter. The combined company will operate as Union Federal Savings & Loan.

The $107 million-asset Union, founded in 1890, operates five branches in Illinois, including a location in East Moline, and one branch in Madison, Wis. The $62 million-asset First Federal, established in 1882, operates three branches in Illinois.

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