Hanscom Federal Credit Union in Littleton, Mass., has agreed to buy Peoples Bank in Chestertown, Md.
The $1.9 billion-asset Hanscom said in a press release that it expects to buy the $200 million-asset bank during the second half of next year. The price wasn’t disclosed.
Hanscom would enter Maryland and gain an insurance agency from the acquisition.
“Through this combination, we expect to expand Peoples Bank’s ability to invest in its communities,” Peter Rice, Hanscom’s CEO, said in the release. “With this enhanced geographic reach, and proximity to Washington D.C., we expect to further support our founding mission by bettering our ability to serve all individuals that serve our nation.”
Peoples Bank will be regionally managed and continue to operate under its name and brand. Peoples is the 21st bank to agree to sell to a credit union this year.
Honigman and Hovde Group advised Hanscom. Alston & Bird and Olsen Palmer advised Peoples.