Hanscom Federal Credit Union Completes Acquisition of The Peoples Bank

LITTLETON, Mass. and CHESTERTOWN, Md., Jan. 5, 2026 /PRNewswire/ -- Hanscom Federal Credit Union ("Hanscom" or "HFCU") today announced the completion of its previously announced purchase and assumption transaction involving the majority of assets and liabilities of The Peoples Bank ("Peoples Bank"), located in Maryland, following receipt of all required regulatory and shareholder approvals.

The transaction, originally publicized in December 2024 and unanimously approved by the Boards of Directors of both organizations, marks Hanscom's official entry into Maryland and Washington, D.C. As of today, Peoples Bank now operates as Peoples Powered by Hanscom Federal Credit Union, systems conversion is expected to be completed in Summer 2026.

With the consummation of the transaction, Hanscom 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, expanding the organization's ability to serve members through integrated financial and insurance solutions.

"The completion of this acquisition marks an extraordinary milestone for both organizations," said Peter Rice, President & 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."   

Mr. Rice added, "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. 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, 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. While WealthTrek's physical locations are currently based in Massachusetts, the program reflects Hanscom's commitment to immersive, mission-based financial education. Hanscom expects to explore opportunities to expand this approach to additional states in the future, including markets in and around the greater Washington, D.C. region.

Hanscom's purpose-driven culture is further reflected in its community impact. In the past year alone, Hanscom donated more than $500,000 to scholarships, military and veteran support organizations, and local nonprofits serving communities across its footprint. The credit union's innovation and people-first workplace culture have been nationally recognized through its inclusion on Computerworld's 2026 Best Places to Work in IT list.

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. 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. Members should continue to use their existing Peoples Bank branches, checks, debit cards, account numbers, and digital banking services until systems integration is completed.

Advisors

Honigman, LLP served as legal counsel to Hanscom Federal Credit Union and Hovde Group LLC served as its financial advisor. Cornerstone Advisors served Hanscom as its strategic planning partner. Alston & Bird LLP served as legal counsel to The Peoples Bank and Olsen Palmer LLC served as its financial advisor.

About Hanscom Federal Credit Union

Hanscom, with more than $2.1 billion in assets, 115,000+ members, 300+ employees, and 23 branches across Massachusetts, Maryland, and Virginia, is one of the region's most trusted credit unions. Founded in 1953, the organization's mission is to be the trusted advisor people turn to for unbiased financial guidance, and its vision is to help every member achieve financial wellness.  

Guided by its core values – Members First, Integrity, Teamwork, Innovation, and Empathy – Hanscom offers a full suite of financial products and services, supported by thousands of shared branches and service center locations nationwide. Hanscom created WealthTrek, the world's first financial questing experience, transforming financial education into an interactive, game-like journey. The credit union proudly supports its communities through the Hanscom Federal Credit Union Charitable Foundation, contributing more than $500,000 annually to causes supporting veterans, military families, students, and local organizations.  

Learn more at www.hfcu.org.

SOURCE Hanscom Federal Credit Union