Hanscom Federal Credit Union (HFCU) and Peoples Bancorp (OTCPK: PEBC) have announced a definitive purchase and assumption agreement where HFCU will acquire the majority of The Peoples Bank's assets and liabilities in an all-cash transaction. Following the acquisition, HFCU will have total assets of approximately $2.1 billion, serve over 115,000 members, and operate 23 branches across Massachusetts, Maryland, and Virginia.
The transaction, expected to close in the second half of 2025, marks HFCU's entry into Maryland and includes the acquisition of Peoples Bank's insurance agency subsidiary, Fleetwood Insurance Group. Post-closing, Peoples Bank branches will continue operating under the same name and brand. HFCU plans to retain all Peoples Bank employees and increase community giving and philanthropy initiatives in the region.