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Two credit union deals have reached the finish line as Hanscom Federal Credit Union acquired Maryland-based The Peoples Bank, and BrightBridge Credit Union completed its merger with local lender Arrha Credit Union.
The Peoples Bank will now operate as Peoples Powered by Hanscom Federal Credit Union. A systems conversion is expected to be completed in the summer of 2026.
The transaction was originally announced in December 2024 and gives Hanscom approximately $2.1 billion in total assets, more than 115,000 members, and 23 branches across Massachusetts, Maryland, and Virginia. As part of the deal, Fleetwood Insurance Group, the insurance agency subsidiary of The Peoples Bank, has joined Hanscom Federal Credit Union.
“The completion of this acquisition marks an extraordinary milestone for both organizations,” President and CEO of Hanscom Federal Credit Union Peter Rice said in a statement. “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.”
Brightbridge Credit Union also saw its merger with Arrha Credit Union be completed. The newly merged credit union boasts 23 retail branches, $2.4 billion in assets and approximately 125,000 members.
“Today marks an exciting milestone for BrightBridge as we officially welcome Arrha into our credit union family,” said BrightBridge President & CEO John J. Howard, who will remain President and CEO of the combined credit union in a statement. “This partnership brings together two strong, mission-driven credit unions that share a deep commitment to helping our members, our team and our communities thrive. By combining our strengths, we are expanding access to financial opportunities and building an even stronger foundation for the future.
Prior to a systems conversion in August 2026, Arrha’s name will be Arrha Credit Union, a division of BrightBridge Credit Union. Once the conversion is complete, Arrha will operate under the BrightBridge Credit Union name.
