Hanscom Federal Credit Union ("Hanscom" or "HFCU") announced the completion of its previously announced purchase and assumption transaction involving the majority of assets and liabilities of The 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. 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."   

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."