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CU System
Letters to editor question CU bank merger in Maine
AUGUSTA, Maine (9/26/08)--Two letters to the editor in the Kennebec Journal Wednesday question the benefits that Kennebec Valley FCU (KV FCU) would gain if it converted to a savings bank and merged with Kennebec Bank. “I’m trying to comprehend why members of KV FCU would want to dissolve their credit union and merge with Kennebec Bank,” wrote Terrence C. Casey to the newspaper. “People usually join credit unions because of the benefits and services offered.” Tom Hilyard, East Winthrop, Maine, said the Journal’s article about the proposed merger “made it obvious that this was an acquisition rather than a merger and that the new entity will be operated as a bank and not as a credit union.” He added that members should “grab their shares and find a real credit union where they can again be an owner and in better control of their financial affairs.” Augusta, Maine-based KV FCU and Kennebec Bank announced earlier this month that they were discussing a conversion and merger. The credit union’s board is scheduled to vote Oct. 14 on a proposal to convert to a federal mutual savings bank. After the conversion, the credit union would merge with the bank (News Now Sept. 10). The credit union said the conversion and merger would expand its ability to meet the current and future needs of members. “It makes sense to consider combining our efforts with a local institution that has similar values,” said Beverly Beaucage, president/CEO of KV FCU (News Now Sept. 10). KV FCU has $51 million in assets. To read the letters, use the links.
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