Hanscom Federal Credit Union (“HFCU” or “Hanscom”) and Peoples Bancorp, Inc. (OTCPK: PEBC) (“Peoples”), the holding company for The Peoples Bank (“Peoples Bank”), 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.

The transaction, which was unanimously approved by the Boards of Directors of both organizations, represents Hanscom’s entry into Maryland and expands its business offering with Peoples Bank’s insurance agency subsidiary, Fleetwood Insurance Group (“FIG”). Upon consummation of the transaction, Hanscom will have total assets of approximately $2.1 billion, serve more than 115,000 members, and expand its reach with 23 branches across Massachusetts, Maryland and Virginia.

“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 Kent, Queen Anne’s and Talbot Counties. Additionally, with this enhanced geographic reach, and proximity to Washington D.C., we expect to further support our founding mission by bettering our ability to serve all individuals that serve our nation. We are proud to honor Peoples Bank’s legacy and look forward to welcoming its talented team and nearly 20,000 customers to Hanscom. Together, we will bring expanded financial opportunities to a region rich with potential.”

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 Maryland and the greater DC region.”

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 Kent, Queen Anne’s, and Talbot counties and create new opportunities for growth for our employees.”

 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 $1.9 billion in assets and more than 95,000+ members, is one of Massachusetts’ most trusted credit unions. Established in 1953 on Hanscom Air Force Base, Hanscom offers a full range of financial services and resources designed to help members achieve financial success, from mobile and online banking to financial education programs. Guided by its core values—Integrity, Members First, Teamwork, Innovation, and Empathy—its team of 220+ employees is committed to putting members at the heart of everything it does. With 16 branches, remote support representatives, 100,000+ service centers, and over 5,400 Shared Branch locations nationwide, Hanscom offers unparalleled convenience and support. Discover more, including free financial resources and seminars on www.hfcu.org.

On August 7, 2024, Stella Marinas announced today its acquisition of Swan  Creek Marina & Boatyard (SCM), located in the charming town of Rock Hall on Maryland’s  Eastern Shore. Situated on a well-protected harbor with immediate access to the open  Chesapeake, the marina includes 113 wet slips, 22 moorings, two single-family homes, and a full-service boat yard. 

Since opening in 1951, SCM had been owned and operated by three generations of the Bair/Mayne families. Reflecting on the sale, Lee Bair said, “it has been a privilege to serve the  boating community for over 23 years. And while it is bittersweet to pass on the family legacy, I am  confident that Stella Marinas will uphold the values and traditions that have made SCM a cherished  destination for so many.” 

Trident Marine Group, an Annapolis-based firm with ten marinas under management across the  Chesapeake, has taken over the management and operations of SCM, bringing a wealth of  experience and solid understanding of the local maritime community. All of SCM’s prior employees have been retained by new management. 

Ryan Comisky, Owner of Stella Marinas, said: “we are grateful that Mr. Bair has entrusted us with continuing his family’s legacy at SCM. Our team is committed to building on the exceptional level  of service that SCM’s customers have come to expect while upgrading amenity offerings to  improve the slip holder experience.” 

Cindy Genther, Maryland Broker for The Flynn Company, represented the seller in this sale. 

About Stella Marinas

Stella Marinas is a boutique investment firm aggregating a portfolio of premier wet and dry storage  marina properties across the Chesapeake Bay. With a commitment to integrity, transparency, and  exceptional service, it strives to build lasting relationships with its partners, customers, and the  communities it serves. 

About Trident Marine Group

Trident Marine Group, headquartered in Annapolis, Maryland, is a premier boutique marina  management and consulting firm. Their dedicated team of experienced professionals is committed  to operational excellence and superior customer service, ensuring that each facility they are  involved with is positioned to achieve ownership goals. They prioritize collaboration with their  clients, focusing on enhancing the boating experience for their customers and showcasing the  unique characteristics of each facility. With a strong emphasis on innovation and quality, Trident  Marine Group has established itself as a trusted partner in marina management and consulting,  dedicated to empowering its clients for success in the marina industry.

The Kent County Chamber of Commerce is excited to announce its upcoming Lunch & Learn Seminar, designed to empower local businesses with essential tools and resources for growth and success. The event will take place on March 7, 2024 from 11:30 am to 1:30 pm at the Dixon Training Center located at 101 Warner Drive, Chestertown, MD.

The “Lunch and Learn: Leveraging Chamber Benefits” Seminar aims to provide invaluable insights into the multitude of benefits available through the Kent County Chamber of Commerce. Attendees will have the opportunity to explore the diverse range of resources and support services tailored to meet the specific needs of businesses in our community.

Tickets are $20 and include lunch. During this interactive session, participants will:

• Gain an in-depth understanding of the various benefits offered by the Kent County Chamber of Commerce.
• Learn how to leverage these resources to enhance their business operations, increase visibility, and drive
• Connect with fellow business owners, industry experts, and chamber representatives to foster valuable relationships and
• Receive guidance on maximizing the value of chamber membership and accessing exclusive

“We’re excited to host this Lunch & Learn Seminar as part of our ongoing commitment to supporting the success and prosperity of local businesses,” said Sarah King, Executive Director at the Kent County Chamber of Commerce. “This event promises to be an informative and engaging experience, offering attendees the chance to unlock the full potential of their chamber membership.”

Attendance is open to all businesses, whether they are current chamber members or exploring membership opportunities. Don’t miss this chance to discover how the Kent County Chamber of Commerce can help take your business to new heights.

The Kent Chamber thanks The Dixon Group for their support of this valuable educational opportunity as our Presenting Sponsor. For more information and to register for the Seminar, visit business.kentchamber.org/events or contact Sarah King at [email protected].

For more information on the value of Chamber membership, visit kentchamber.org.

Jackie Forrest

Chesapeake Bank & Trust Company is pleased to announce that Jackie Forrest has joined its staff as Assistant Branch Manager. She will replace Sue St. Amour, who is retiring in April after serving the Bank for over 7 years.

“Jackie began her banking career with Chesapeake Bank & Trust, and we’re pleased to have the opportunity to work with her again,” said Bob Altieri, Chesapeake’s President & CEO. “Her client-focused approach to banking makes her a wonderful addition to our staff.”

Jackie grew up in Rock Hall and currently lives in Chestertown with her husband, daughter, and two dogs. She attended Washington College, Stevenson University, and finished her liberal arts degree at Chesapeake College. When she is not at the bank’s Washington Avenue branch, you can catch Jackie with her family at the Chestertown Farmer’s Market on Saturday mornings, teaching yoga at Foundations Island Yoga in Centreville, or on a run by the Chester River.

“I am excited to be welcomed back to Chesapeake Bank & Trust and serve our beautiful community once more,” said Jackie.

.For more information, contact Chesapeake Bank and Trust at 410-778-1600, or e-mail Bob Altieri directly at [email protected].