Baltimore, January 7, 2026
Hanscom Federal Credit Union has announced its acquisition of The Peoples Bank, marking its entry into the Maryland and Washington, D.C. financial markets. This strategic move will increase HFCU’s total assets to approximately $2.1 billion and expand its services to over 115,000 members across 23 branches. The integration is expected to enhance local financial offerings and support small businesses in the region, contributing to economic growth and community development.
Baltimore, MD – January 7, 2026
Hanscom Federal Credit Union Expands into Maryland Market
Hanscom Federal Credit Union (HFCU) has successfully acquired The Peoples Bank, marking its entry into the Maryland and Washington, D.C. financial markets. The transaction was unanimously approved by the boards from both institutions and completed on January 5, 2026. Following this acquisition, The Peoples Bank will operate under the name Peoples Powered by Hanscom Federal Credit Union, with a systems conversion anticipated to occur by Summer 2026.
This development aligns with a broader trend of credit unions acquiring banks to expand their capabilities and service offerings. Following this acquisition, HFCU’s total assets will rise to approximately $2.1 billion. The credit union will serve over 115,000 members through 23 branches located in Massachusetts, Maryland, and Virginia. Additionally, the acquisition includes Fleetwood Insurance Group, which provides various personal and business insurance services, enhancing the financial service offerings available to the communities in Maryland and D.C.
Trends and Opportunities in the Maryland Financial Sector
The acquisition of The Peoples Bank is indicative of a larger trend in the financial services industry, where credit unions, renowned for their member-focused approach, are expanding their reach. Recent moves by local players like SECU (State Employees’ Credit Union of Maryland) and APG Federal Credit Union have demonstrated a commitment to advancing financial support, especially for small businesses. SECU’s collaboration with Lenders Cooperative in August 2025 to modernize business lending showcases innovative efforts to assist Maryland entrepreneurs.
Such expansions can often be associated with fewer regulatory barriers, allowing institutions like HFCU to respond quickly to the needs of their members. The ripple effect of these changes can bring numerous advantages to Baltimore’s economy by fostering competitive financial landscapes, which can lead to increased customer satisfaction and service availability.
The Mission of Hanscom Federal Credit Union
HFCU’s mission to support individuals who serve the nation resonates deeply in the Maryland and D.C. areas. As it integrates local resources and expertise through the acquisition of The Peoples Bank, it aims to enhance community-serving financial solutions. This commitment is crucial in a market where tailored financial services can significantly benefit local citizens and businesses.
Recent Developments in Maryland Credit Unions
The activity in the credit union space is substantive, with several organizations taking steps to increase their operational capacity and efficiency. Notably, the acquisition by APG Federal Credit Union of Members First of Maryland Federal Credit Union in September 2025 illustrates the importance of maintaining financial services accessible to local customers, especially those who had built loyalty towards their former institutions. These moves not only preserve jobs and services but signal trust in the state’s economic resilience.
Implications for the Local Economy
As HFCU integrates its operations in Maryland, the focus on member benefits and competitive rates can lead to significant economic stimulation in local communities. With a strong emphasis on supporting small businesses and providing innovative financial products, this acquisition can play a critical role in driving economic growth in the region. Economically resilient communities are often characterized by their ability to adapt and leverage opportunities—an ethos reflected in HFCU’s strategic growth approach.
Conclusion
In summary, Hanscom Federal Credit Union’s acquisition of The Peoples Bank represents a significant milestone for both institutions and for Maryland’s financial landscape. As credit unions continue to lead in innovation and support for local businesses, it becomes clear that community-focused financial services hold the key to sustained economic vitality. Readers are encouraged to engage with local financial entities and remain informed about developments that can enhance Baltimore’s economic future.
Frequently Asked Questions (FAQ)
What is the significance of Hanscom Federal Credit Union’s acquisition of The Peoples Bank?
The acquisition marks Hanscom Federal Credit Union’s official entry into the Maryland and Washington, D.C. markets, expanding its total assets to approximately $2.1 billion and serving over 115,000 members across 23 branches in Massachusetts, Maryland, and Virginia.
What is the expected timeline for the systems conversion following the acquisition?
A systems conversion is expected to be completed in Summer 2026.
What does the acquisition include beyond The Peoples Bank’s banking operations?
The acquisition includes Fleetwood Insurance Group, a subsidiary of The Peoples Bank, which offers a range of personal and business insurance products.
How does this acquisition align with Hanscom Federal Credit Union’s mission?
The acquisition aligns with Hanscom Federal Credit Union’s mission to better serve individuals who serve the nation, particularly in the Maryland and Washington, D.C. regions.
What other recent credit union acquisitions have occurred in Maryland?
In August 2025, SECU (State Employees’ Credit Union of Maryland) partnered with Lenders Cooperative to modernize its business lending operations, enhancing support for Maryland’s small business community. Additionally, in September 2025, APG Federal Credit Union acquired Members First of Maryland Federal Credit Union, expanding its presence in Baltimore County and preserving financial services for Members First’s loyal member base.
| Feature | Details |
|---|---|
| Acquiring Institution | Hanscom Federal Credit Union |
| Acquired Institution | The Peoples Bank |
| New Operating Name | Peoples Powered by Hanscom Federal Credit Union |
| Total Assets Post-Acquisition | Approximately $2.1 billion |
| Number of Members Served | Over 115,000 |
| Number of Branches | 23 branches across Massachusetts, Maryland, and Virginia |
| Included Subsidiary | Fleetwood Insurance Group |
| Expected Systems Conversion Completion | Summer 2026 |
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