Photo by James Sanna | Banker & Tradesman Staff/File
Chicopee-based Alden Credit Union and Hanscom Federal Credit Union today announced they plan to merge, with Hanscom FCU the surviving institution.
Both lenders’ boards of directors approved the merger according to a joint announcement released this week.
“This is a partnership grounded in shared purpose and a belief that credit unions exist to help people thrive,” Hanscom President and CEO Peter Rice said in a statement. “Alden Credit Union has built a remarkable legacy of trust and service in its community, and we are honored to support and build upon that foundation.”
Upon completion, the combined organization will operate under Hanscom Federal Credit Union’s name and branding. During the regulatory review period, Alden Credit Union and Hanscom Federal Credit Union will continue to operate independently.
Alden Credit Union CEO Adam Corcoran will become a regional president of the combined organization. Other than a branch at the former Devens military base and one at a MITRE Corporation facility in Virginia, Hanscom FCU doesn’t have any Massachusetts branches outside of the Interstate 495 corridor
All Alden employees will be retained, the two credit unions announced, and Alden’s branch locations will continue normal operations throughout the approval process and beyond.
“Our priority has always been our members,” Corcoran said in a statement. “They trust us to protect what makes Alden special — our relationships, our local service, and our commitment to their financial well-being. After our comprehensive search, it was clear that Hanscom Federal Credit Union was the right partner to help us preserve those values while expanding the tools, technology, and educational resources available to our members.”
The combined credit union will serve approximately 128,000 members, have $2.3 billion in assets, and operate 25 branches across Massachusetts, Maryland, and Virginia, including Alden Credit Union’s two branch locations in Chicopee and Belchertown, Massachusetts. Alden’s headquarters are located in Chicopee.
The merger is anticipated to be completed in the fourth quarter of 2026, subject to regulatory approval and customary closing conditions.
