Hanscom Federal Credit Union's Strategic Acquisition Enhances Its Presence in Maryland and D.C.

Expansion and New Beginnings: Hanscom Federal Credit Union Acquires Peoples Bank

In a significant move to bolster its operations and reach, Hanscom Federal Credit Union (HFCU) has successfully completed its acquisition of The Peoples Bank, a financial institution based in Maryland. The announcement was made on January 5, 2026, following the receipt of all necessary regulatory and shareholder approvals. This acquisition not only signifies Hanscom's foray into the Maryland and Washington, D.C. markets but also enhances its footprint to better serve its growing member base.

Details of the Acquisition

Originally revealed in December 2024, the transaction has been unanimously endorsed by the Boards of Directors from both Hanscom and Peoples Bank, indicating the shared vision and strategic objectives of these organizations. Following the acquisition, The Peoples Bank will operate under the new name, Peoples Powered by Hanscom Federal Credit Union. A major transition, including system integration, is expected to be finalized by the summer of 2026.

As a result of this acquisition, Hanscom now boasts approximately $2.1 billion in total assets and serves a membership exceeding 115,000. The organization operates a network of 23 branches that span across Massachusetts, Maryland, and Virginia. This growth is further complemented by the inclusion of the Fleetwood Insurance Group, which is the insurance division formerly under The Peoples Bank, thereby allowing Hanscom to offer a wider array of integrated financial and insurance solutions for its members.

Shared Values and Community Commitment

Peter Rice, President and CEO of Hanscom, has emphasized that this acquisition is a transformative milestone for both institutions. He stated, “Hanscom and The Peoples Bank have always shared the same core values – putting people first, strengthening communities, and delivering trusted, unbiased financial guidance.” The new entity is poised to enhance its capacity to provide educational resources and meaningful financial services that align with the needs of the community.

HFCU's commitment to community welfare is exemplified by its substantial donations, totaling over $500,000 in the past year, to scholarships and local nonprofit organizations, with a specific focus on military and veteran support. The credit union's dedication to a people-first culture is recognized at a national level by its inclusion in Computerworld's 2026 Best Places to Work in IT list.

Expanded Offerings for Members

With the transition into Peoples Powered by Hanscom Federal Credit Union, members in Maryland can soon expect a broader range of financial wellness resources. This includes access to WealthTrek, an innovative financial education program offering an immersive quest-like experience. Although its physical locations are currently in Massachusetts, the success of WealthTrek reflects Hanscom's commitment to enhancing financial literacy in engaging ways. There are plans to expand such offerings to additional states, potentially reaching areas in and around Washington, D.C.

Transaction Structure and Employee Retention

The acquisition was structured as a simple purchase and assumption deal, with Hanscom acquiring the majority of Peoples Bank's assets and liabilities on an all-cash basis. As part of the agreement, Peoples Bank will liquidate its remaining assets and liabilities that were not assumed by HFCU. Hanscom Federal Credit Union has made it a priority to retain all employees from Peoples Bank, ensuring continuity and stability during this transition. Members are advised to continue utilizing their existing accounts, checks, debit cards, and digital services until the integration of systems is complete.

Professional Advisory Teams

To facilitate this acquisition, HFCU engaged with several professional advisors: Honigman, LLP served as legal counsel, while Hovde Group LLC provided financial advisement. Strategic planning support was offered by Cornerstone Advisors, with Alston & Bird LLP acting as legal counsel to The Peoples Bank and Olsen Palmer LLC serving as its financial advisor.

In conclusion, the acquisition of The Peoples Bank marks a significant expansion for Hanscom Federal Credit Union, driven by a commitment to community and member services. As it integrates operations and resources, HFCU aspires to fulfill its mission of being a trusted advisor through innovation and community-driven values. For more information on Hanscom Federal Credit Union and its services, visit www.hfcu.org.