LITTLETON, Mass.–Hanscom Federal Credit Union said it has completed its purchase and assumption transaction involving the majority of assets and liabilities of Chestertown, Md.-based The Peoples Bank.
The credit union said the transaction, originally publicized in December 2024, marks Hanscom’s official entry into Maryland and Washington, D.C. Peoples Bank now operates as Peoples Powered by Hanscom Federal Credit Union, with systems conversion expected to be completed this Summer.
With the consummation of the transaction, Hanscom said it now has approximately $2.1 billion in total assets, serves more than 115,000 members, and operates 23 branches across Massachusetts, Maryland, and Virginia. As part of the transaction, Fleetwood Insurance Group (“FIG”), the insurance agency subsidiary of The Peoples Bank, has joined Hanscom Federal Credit Union.
‘Extraordinary Milestone’
“The completion of this acquisition marks an extraordinary milestone for both organizations,” HFCU President and CEO Peter Rice said in a statement. “Hanscom and The Peoples Bank have always shared the same core values – putting people first, strengthening communities, and delivering trusted, unbiased financial guidance. Now, as one cooperative, we are even better positioned to fulfill our mission: To be the trusted advisor people turn to for unbiased financial guidance.
“We are excited to continue to serve our 3,400 existing members in the region and welcome the Peoples team and its new members to Hanscom,” Rice continued. “We are especially proud to welcome Fleetwood Insurance Group to HFCU, expanding our ability to offer members both financial and insurance solutions through a single, trusted organization. All together, we are building something truly special – a purpose-driven cooperative rooted in members first, integrity, teamwork, innovation, and empathy.”
Expanded Resources and Community Commitment
As Peoples Powered by Hanscom Federal Credit Union begins its transition, the credit union said members across Maryland will gain access to an expanded range of financial wellness resources offered by Hanscom.
“This includes access to Hanscom’s broader financial wellness approach, including WealthTrek, the world’s first financial questing experience,” Hanscom FCU said. “While WealthTrek’s physical locations are currently based in Massachusetts, the program reflects Hanscom’s commitment to immersive, mission-based financial education.”
Hanscom said it is exploring to opportunities to expand this approach to additional states in the future, including markets in and around the greater Washington, D.C. region.
Transaction Details
The transaction was structured as a purchase and assumption of the majority of Peoples Bank’s assets and liabilities in an all-cash transaction, Hanscom FCU said in a statement. Peoples will liquidate remaining assets and liabilities not purchased by Hanscom and distribute the remaining cash to its shareholders in conjunction with, or prior to, the dissolution of Peoples Bancorp, Inc. The final distribution will be based on factors described in the Proxy Statement previously provided to shareholders.
Hanscom has retained all Peoples Bank employees as part of the acquisition.
