Hanscom Federal Credit Union completes acquisition of Maryland firm

Littleton-based Hanscom Federal Credit Union now has a presence on Chesapeake Bay, as it has completed its purchase of The Peoples Bank, a credit union based in Maryland.

The merger, first announced in December 2024, means Hanscom now has approximately $2.1 billion in total assets and will serve more than 115,000 members, according to a Monday press release.

“The completion of this acquisition marks an extraordinary milestone for both organizations,” Peter Rice, president & CEO of Hanscom, said in the press release. “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.”

The People’s Bank has seven branches across three counties in Maryland’s Eastern Shore region, the area of the state situated between the Chesapeake Bay and Delaware.

Hanscom will retain all of The People’s Bank employees, which will now operate as Peoples Powered by Hanscom Federal Credit Union. As part of the deal, Hanscom purchased Fleetwood Insurance Group, the insurance agency subsidiary of The Peoples Bank.

Hanscom will continue to be the third-largest credit union based in Central Massachusetts, according to information provided to the WBJ Research Department.

It trails the largest credit union in the region, Digital Federal Credit Union, which completed its merger with California-based First Tech Federal Credit Union in December. Marlborough-based DCU had $12.91 billion in assets prior to the merger, with the combined entity now having $28.7 billion.

The second-largest credit union in the region is Littleton-based Workers Credit Union, with $2.44 billion in assets.

Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.