People’s insurance agency subsidiary, Fleetwood Insurance, officially joins Hanscom
Hanscom Federal Credit Union (“HFCU”) announced it has completed its previously announced purchase and assumption transaction involving the majority of assets and liabilities of The Peoples Bank (“Peoples Bank”), located in Maryland, after receiving required regulatory and shareholder approvals.
As part of that transaction, Fleetwood Insurance Group (“FIG”), the insurance agency subsidiary of The Peoples Bank, has joined Hanscom—positioning the credit union to expand how it serves 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.”
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, which now operates as Peoples Powered by Hanscom Federal Credit Union, is expected to complete its systems conversion by Summer 2026.
What the combined footprint looks like
With the transaction consummated, Hanscom reported it now has:
- Approximately $2.1 billion in total assets
- More than 115,000 members
- 23 branches across Massachusetts, Maryland, and Virginia
The addition of Fleetwood Insurance Group (“FIG”), the insurance agency subsidiary of The Peoples Bank, will be an interesting expansion for the organization, particularly, in its ability to serve members through integrated financial and insurance solutions.
In commenting on the addition, Mr. 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.”
Transaction structure
According to the official company announcement, the deal was structured as a purchase and assumption of the majority of Peoples Bank’s assets and liabilities in an all-cash transaction. Peoples will liquidate remaining assets and liabilities not purchased by Hanscom and distribute remaining cash to shareholders “in conjunction with, or prior to, the dissolution of Peoples Bancorp, Inc.”
Hanscom said the final distribution will be based on factors described in the Proxy Statement previously provided to shareholders.
