Peoples Bancorp, Inc. (OTCPK: PEBC) ("Peoples"), the holding company for The Peoples Bank ("Peoples Bank"), and Hanscom Federal Credit Union ("HFCU" or "Hanscom") today announced that the companies have entered into a definitive purchase and assumption agreement under which Hanscom will acquire the majority of Peoples Bank's assets and liabilities in an all-cash transaction.
Olsen Palmer LLC served as financial advisor to Peoples Bancorp, Inc.
The transaction, which was unanimously approved by the Boards of Directors of both organizations, 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. Upon consummation of the transaction, Hanscom will have total assets of approximately $2.1 billion.
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.