Fresh off a completed acquisition of Maryland-based The Peoples Bank, Littleton-based Hanscom Federal Credit Union plans to merger with Alden Credit Union, a financial institution with locations in Chicopee and Belchertown.The planned merger has been approved by the board of directors for both credit unions, according to a Thursday press release. Upon being approved by regulators, the merger would see the combined entities operated under the Hanscom Federal Credit Union name. Hanscom President and CEO Peter Rice will lead the credit union, with Adam Corcoran, CEO of Alden Credit Union, serving as regional president.Peter Rice, president and CEO of Hanscom Federal Credit Union PHOTO COURTESY OF HANSCOM FEDERAL CREDIT UNION“This is a partnership grounded in shared purpose and a belief that credit unions exist to help people thrive,” Rice said in the press release. “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.”Following the merger, Hanscom will serve about 128,000 members, manage roughly $2.3 billion in assets, and operate 25 branches across Massachusetts, Maryland, and Virginia. Alden Credit Union has been in operation since 1939, and Hanscom will continue to utilize its Chicopee and Belchertown branches. All Alden Credit Union employees will be retained.The merger is expected to be completed in the fourth quarter.Hanscom will continue to be the third-largest credit union based in Central Massachusetts post-merger, according to information provided to the WBJ Research Department. It trails the largest credit union in the region, Digital Federal Credit Union, which completed its merger with California-based First Tech Federal Credit Union in December. Marlborough-based DCU had $12.91 billion in assets prior to the merger, with the combined entity now having $28.7 billion.The second-largest credit union in the region is Littleton-based Workers Credit Union, with $2.44 billion in assets.Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
