LITTLETON, Mass,--Hanscom Federal Credit Union has completed its previously announced purchase and assumption of the majority of the assets and liabilities of Maryland-based The Peoples Bank, following receipt of all required regulatory and shareholder approvals.
The transaction, first announced in December 2024 and unanimously approved by both organizations’ boards of directors, marks Hanscom’s entry into the Maryland and Washington, D.C., markets. Peoples Bank is now operating as Peoples Powered by Hanscom Federal Credit Union, with systems conversion expected to be completed in summer 2026.
With the completion of the transaction, Hanscom now holds approximately $2.1 billion in assets, serves more than 115,000 members, and operates 23 branches across Massachusetts, Maryland, and Virginia.
As part of the deal, Fleetwood Insurance Group, the insurance agency subsidiary of The Peoples Bank, has joined Hanscom Federal Credit Union, expanding the credit union’s ability to offer integrated financial and insurance services, the CU said.
"The completion of this acquisition marks an extraordinary milestone for both organizations," said Peter Rice, president ad CEO of Hanscom Federal Credit Union. "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," continued Rice. "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."