Bank, credit union merger vote ending

Submitted by Matthew Stone on Mon, 09/21/2009 - 12:29

Central Maine Newspapers

AUGUSTA -- More than a year of spirited debate about the proposed merger between a credit union and a bank is coming to a head today.

Today marks the last day for members of Augusta-based KV Federal Credit Union to cast votes on the institution’s proposed conversion to a federally chartered, mutual savings bank and simultaneous merger with Kennebec Savings Bank.

Members have an opportunity to turn in their ballots at a special members' meeting at 6 p.m. today at the Augusta Civic Center.

The combined bank would carry Kennebec Savings Bank’s name. It would have two branches in Augusta and one each in Oakland, Waterville and Winthrop.

Debate about the merger has picked up in recent weeks during the 30-day voting period for KV members. Signs in favor of and against the merger have dotted Augusta- and Waterville-area roadways and newspaper advertisements and letters to the editor have appeared almost daily.

KV Federal Credit Union President Beverly Beaucage said results will be available within 10 days.

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Yup, Let the banks take over the credit unions and you lose that personal touch.

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