AUGUSTA, Maine — The board of directors of the $51 million KV Federal Credit Union will decide whether to put a proposal to merge with a local mutual bank before the credit union's members.

The leadership of the credit union and the bank involved, Kennebec Savings Bank, held a press conference for the local media in Augusta, Maine, where the two institutions couched the matter as a mutual merger between financial institutions.

"With all the changes happening in the financial services industry, this union of two long-standing and respected local financial institutions could provide the greatest opportunity for improved services and choice for residents in the Greater Kennebec Valley," said Mark Johnston, CEO of KSB in a press statement about the possible merger.

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