A map of Massachusetts
Alden Credit Union and Hanscom Federal Credit Union announced Feb. 5 that their boards have unanimously approved a strategic partnership and merger plan aimed at expanding resources, enhancing member services and strengthening long-term financial stability.
Under the proposed transaction of the two Massachusetts-based credit unions, the combined organization would operate under the Hanscom Federal Credit Union name and be led by Hanscom President/CEO Peter Rice. Alden Credit Union CEO Adam Corcoran would serve as regional president, maintaining local leadership and a strong Alden presence in Western Massachusetts.
If completed, the merger would create a credit union serving approximately 128,000 members with roughly $2.3 billion in assets and 25 branches across Massachusetts, Maryland and Virginia. Alden's two branches in Chicopee, Mass., and Belchertown, Mass., would continue operating, and all Alden employees would be retained.
"Our priority has always been our members," Corcoran said, noting the partnership preserves Alden's community roots while expanding access to technology, financial wellness tools and educational resources. "Our members will continue to see the same familiar faces and receive the same personalized care they count on every day."
Rice said the partnership is grounded in shared values and a commitment to helping members thrive. He highlighted Hanscom's nationally recognized financial wellness initiatives, including its Certified Financial Coach program and WealthTrek financial education platform.
The credit unions said members would benefit from broader branch and ATM access, continued investment in digital banking, increased lending capacity for mortgages and small businesses, and enhanced long-term operational resilience.
During the regulatory review period, both institutions will continue to operate independently, with no immediate changes to member accounts or services. The merger is expected to close in the fourth quarter of 2026, subject to regulatory and member approvals.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.