AUGUSTA, Maine — Executives from the $51 million KV Federal Credit Union and Kennebec Savings Bank have both made statements in the local press to reassure KV FCU members about the possible merger of their two institutions.
In a Sept. 28 article in The Morning Sentinel, a local news outlet, KV FCU CEO Beverly Beaucage and Kennebec Savings Bank CEO Mark Johnson said that the bank after the merger would not necessarily offer savings rates currently offered by the bank and that salaries of CU executives who move to the bank would not rise.
Speaking of rates, Johnson told the paper "when we combine, we take the best of both." The paper also quoted him saying that "the officers of KV will become employees of Kennebec Savings. They are coming over with their current salary. We are not adjusting salaries up or down."
Recommended For You
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
