Johnston-based Community Choice Credit Union plans to acquire Ace Community Credit Union of Ames, the two financial institutions announced today after their boards approved a merger agreement.

The merger is pending approvals by state and federal regulators and the Ace membership.

Ace was organized in 1930 and presently has more than 3,200 members and $34 million in assets. Community Choice was founded in 1953. It has 38,000 members and $390 million in assets. The credit unions will operate under the Community Choice banner.