Hanscom Federal Credit Union and The Peoples Bank (MD) to Combine
Hanscom Federal Credit Union (HFCU) and Peoples Bancorp (OTCPK: PEBC) have announced a definitive purchase and assumption agreement where HFCU will acquire the majority of The Peoples Bank's assets and liabilities in an all-cash transaction. Following the acquisition, HFCU will have total assets of approximately $2.1 billion, serve over 115,000 members, and operate 23 branches across Massachusetts, Maryland, and Virginia.
The transaction, expected to close in the second half of 2025, marks HFCU's entry into Maryland and includes the acquisition of Peoples Bank's insurance agency subsidiary, Fleetwood Insurance Group. Post-closing, Peoples Bank branches will continue operating under the same name and brand. HFCU plans to retain all Peoples Bank employees and increase community giving and philanthropy initiatives in the region.
Hanscom Federal Credit Union (HFCU) e Peoples Bancorp (OTCPK: PEBC) hanno annunciato un accordo definitivo di acquisto e assunzione in cui HFCU acquisirà la maggior parte delle attività e delle passività di The Peoples Bank in una transazione completamente in contante. Dopo l'acquisizione, HFCU avrà attivi totali di circa $2,1 miliardi, servirà oltre 115.000 membri e opererà 23 filiali in Massachusetts, Maryland e Virginia.
La transazione, prevista per la conclusione nella seconda metà del 2025, segna l'ingresso di HFCU nel Maryland e include l'acquisizione della filiale agenziale di assicurazione di Peoples Bank, Fleetwood Insurance Group. Dopo la chiusura, le filiali di Peoples Bank continueranno a operare sotto lo stesso nome e marchio. HFCU prevede di mantenere tutti i dipendenti di Peoples Bank e aumentare le donazioni alla comunità e le iniziative filantropiche nella regione.
Hanscom Federal Credit Union (HFCU) y Peoples Bancorp (OTCPK: PEBC) han anunciado un acuerdo definitivo de compra y asunción donde HFCU adquirirá la mayoría de los activos y pasivos de The Peoples Bank en una transacción totalmente en efectivo. Tras la adquisición, HFCU tendrá activos totales de aproximadamente $2.1 mil millones, atenderá a más de 115,000 miembros y operará 23 sucursales en Massachusetts, Maryland y Virginia.
La transacción, que se espera cierre en la segunda mitad de 2025, marca la entrada de HFCU en Maryland e incluye la adquisición de la subsidiaria de agencia de seguros de Peoples Bank, Fleetwood Insurance Group. Después del cierre, las sucursales de Peoples Bank continuarán operando bajo el mismo nombre y marca. HFCU planea retener a todos los empleados de Peoples Bank y aumentar las donaciones comunitarias y las iniciativas filantrópicas en la región.
한스컴 연방 신용 조합 (HFCU)와 피플스 뱅콥 (OTCPK: PEBC)은 HFCU가 The Peoples Bank의 대부분 자산과 부채를 현금 거래로 인수하는 확정된 구매 및 양수 계약을 발표했습니다. 인수 후, HFCU는 약 $21억의 총 자산을 보유하고, 115,000명 이상의 회원에게 서비스하며, 매사추세츠, 메릴랜드, 버지니아 전역에 23개의 지점을 운영할 예정입니다.
2025년 하반기에 완료될 것으로 예상되는 이번 거래는 HFCU의 메릴랜드 진출을 나타내며, Peoples Bank의 보험 대리점 자회사인 Fleetwood Insurance Group을 포함합니다. 거래 종료 후에도 Peoples Bank 지점은 동일한 이름과 브랜드로 계속 운영됩니다. HFCU는 Peoples Bank의 모든 직원을 유지하고 지역 사회 기부 및 자선 사업을 증가시킬 계획입니다.
Hanscom Federal Credit Union (HFCU) et Peoples Bancorp (OTCPK: PEBC) ont annoncé un accord d'achat et d'assomption définitif par lequel HFCU acquerra la majorité des actifs et passifs de The Peoples Bank dans une transaction entièrement en espèces. Suite à l'acquisition, HFCU disposera d'actifs totaux d'environ 2,1 milliards de dollars, servira plus de 115 000 membres et opérera 23 agences à travers le Massachusetts, le Maryland et la Virginie.
La transaction, qui devrait être finalisée dans la seconde moitié de 2025, marque l'entrée de HFCU dans le Maryland et comprend l'acquisition de la filiale d'agence d'assurance de Peoples Bank, Fleetwood Insurance Group. Après la clôture, les agences de Peoples Bank continueront d'opérer sous le même nom et la même marque. HFCU prévoit de conserver tous les employés de Peoples Bank et d'augmenter les dons à la communauté ainsi que les initiatives philanthropiques dans la région.
Hanscom Federal Credit Union (HFCU) und Peoples Bancorp (OTCPK: PEBC) haben eine endgültige Kauf- und Übernahmevereinbarung bekannt gegeben, in der HFCU die Mehrheit der Vermögenswerte und Verbindlichkeiten der Peoples Bank in einer rein baren Transaktion übernehmen wird. Nach der Übernahme wird HFCU über Gesamtvermögen von etwa 2,1 Milliarden Dollar verfügen, über 115.000 Mitglieder bedienen und 23 Filialen in Massachusetts, Maryland und Virginia betreiben.
Die Transaktion, die voraussichtlich in der zweiten Hälfte des Jahres 2025 abgeschlossen wird, markiert HFCUs Eintritt in Maryland und umfasst die Übernahme der Versicherungssparte der Peoples Bank, der Fleetwood Insurance Group. Nach dem Abschluss der Transaktion werden die Filialen der Peoples Bank weiterhin unter demselben Namen und Markenzeichen betrieben. HFCU plant, alle Mitarbeiter der Peoples Bank zu behalten und das Engagement in der Gemeinschaft sowie philanthropische Initiativen in der Region zu erhöhen.
- All-cash transaction structure provides certainty for PEBC shareholders
- HFCU commits to retain all Peoples Bank employees
- Expansion of services and resources for existing customers
- Increased community investment and philanthropy commitment
- PEBC stock will be delisted from public markets
- Loss of independence for The Peoples Bank after 114 years of operations
Transaction Enhances the Peoples Bank's Ability to Invest in Communities of Kent,
The transaction, which was unanimously approved by the Boards of Directors of both organizations, represents Hanscom's entry into
"Hanscom and Peoples Bank share similar values, placing our members, customers and people first," said Peter Rice, CEO of Hanscom. "Through this combination, we expect to expand Peoples Bank's ability to invest in its communities across
Mr. Rice added, "At Hanscom, we prioritize the financial success of our members above all else. As a member owned cooperative – like all credit unions – Hanscom is committed to building and investing in our communities where everyone has a stake in that success. We look forward to bringing that level of personalized service and support to the Peoples Bank customers throughout
Corey Duncan, Chairman of the Peoples and Peoples Bank Boards of Directors, added, "Hanscom is the ideal partner to carry forward our 114-year legacy. Its commitment to community investment, our nation's service members and innovation matches the values that our employees and customers hold dear. This combination ensures our customers and business partners gain access to a broader range of resources and innovative solutions, like Hanscom's WealthTrek program, which we expect will redefine banking in our region. We are confident this partnership with Hanscom will bring lasting value to the communities we serve across
Through its charitable foundation, HFCU is committed to making a positive impact on the lives of others, especially active duty and retired service members, by building and improving programs to enhance the communities it serves. HFCU expects to increase Peoples Bank's current levels of community giving and philanthropy, including its scholarship programs and financial support of local non-profit and education initiatives.
Transaction Details, Timing, and Approvals
The transaction is structured as a purchase and assumption of the majority of Peoples Bank's assets and liabilities in an all-cash transaction. Following the closing of the transaction, Peoples will liquidate the remaining assets and liabilities not purchased by Hanscom, and will distribute the remaining cash to its shareholders in conjunction with, or prior to, the dissolution of the holding company and the bank. The cash distribution to Peoples' shareholders will be dependent upon various factors, which will be described in the Proxy Statement to be delivered to shareholders in the coming months. Hanscom also plans to retain all employees of Peoples Bank after the acquisition.
The transaction is expected to be completed in the second half of 2025, subject to all regulatory requirements and approvals, including approval of Peoples Bancorp. Inc.'s shareholders, as well as other customary closing conditions.
Following the close of the transaction, Peoples Bank branches will be regionally managed and continue to operate under the same name and brand. The Peoples Bancorp. Inc.'s common stock will no longer be listed on any public market.
Advisors
Honigman, LLP is serving as legal counsel to Hanscom Federal Credit Union and Hovde Group LLC is serving as its financial advisor. Alston & Bird LLP is serving as legal counsel to The Peoples Bank and Olsen Palmer LLC is serving as its financial advisor.
About Hanscom Federal Credit Union
Hanscom, with over
About The Peoples Bank
Peoples is the holding company for Peoples Bank, a federally insured community bank. Founded in 1910, it remains an independent commercial bank serving the businesses and residents of
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts but are based on certain assumptions and reflect current beliefs and expectations. These forward-looking statements are subject to risks and uncertainties and other important factors that could cause actual results, performance, or achievement to differ materially from any future results, performance, or achievements discussed or implied by such forward-looking statements. Such risks include but are not limited to: (i) the financial performance and condition of Hanscom, Peoples and Peoples Bank; (ii) the ability of Hanscom, Peoples and Peoples Bank to obtain necessary regulatory, shareholder, and counterparty approvals for the transactions described herein; (iii) customer and/or employee acceptance of the purchase and assumption of Peoples Bank by Hanscom; and (iv) economic, interest rate, and stock market conditions. The information set forth herein bespeaks caution and speaks only as of the date hereof, and Hanscom, Peoples and Peoples Bank disclaim any intention or obligation to update the information contained in this press release.
Media Contacts
Hanscom Federal Credit Union:
Andy Ravens
aravens@hfcu.org
The Peoples Bank:
Corey Duncan
cduncan@pbkc.com
(410) 778-3500
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SOURCE Hanscom Federal Credit Union
FAQ
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