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News Now

CU System
Kennebec bank conversion vote concludes
AUGUSTA, Maine (9/23/09)--The vote on a proposed merger between Kennebec Valley (KV) FCU and Kennebec Savings Bank in Augusta, Maine, has concluded, but official results have not been released. Last year, KV FCU proposed converting to a bank and then merging with Kennebec Savings Bank. The proposal was approved by KV FCU's board last fall (News Now Aug. 11). The results of Monday’s vote will be known within 10 days, Beverly Beaucage, KV FCU president/CEO told the Morning Sentinel (Sept. 22). Julie Brawn, leader of KV Members Voting Yes for the Merger, told the Sentinel Tuesday that nobody could tell how members voted. Lucille Cloutier, a leader of the group KV Members Matter, which opposes the conversion, agreed. “A lot of people have been very passionate about this,” she told the paper. If the merger is approved, it would be the first combination of its kind in Maine. Only 20 similar combinations have taken place nationally, the Sentinel said, citing research from CU Financial Services.


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