AUGUSTA, Maine — Members of the $51 million KV Federal Credit Union have been voicing their skepticism about a pending charter change and merger with a local bank in letters to the local press.
Tom Hilyard, of East Winthrop, Maine, wrote the Kinnebec Journal that calling the transaction a merger was a misnomer.
"A bank is a business corporation whose purpose is to make a profit for its shareholders. A credit union is a cooperative owned and operated by its members for the common good. Their philosophies are totally different," Winthrop wrote.
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Another, Terrence Casey, of Gardiner, Maine, wrote the Journal with skepticism about who other than KV CEO Beverly Beaucage would benefit from the transaction.
"What type of compensation package will she [Beaucage] receive? If it's what I think, it would certainly justify her smile on the front page of the Kennebec Journal on Sept. 10. It also could account for her being so defensive toward those opposing the merger," Casey wrote. "However, if the members can maintain the same ownership, benefits and services as a result of this merger that they now enjoy, then her promotion will be well deserved, for she has truly acted in their best interest."
Both letters were published in the Kinnebec Journal on Sept. 24.
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