AUGUSTA, Maine — Mark Johnston, CEO of the $670 Kennebec Savings Bank, has written an opinion piece in a local paper defending the proposal to merge with the $51 million KV Federal Credit Union.

The piece, published on the opinion pages of The Morning Sentinel, appeared on the eve of the first informational member meeting that the CU has scheduled to discuss the merger proposal.

Johnston argued that as a mutual savings bank the merger would be best for members of both institutions.

“There is pressure on earnings because of the slowdown in the economy and the increase in competition, particularly from enormous national and multinational banks,” Johnston wrote. “And the competition is not just for customers, loans and deposits. It's also for quality, well-trained employees. As a slightly larger financial institution, with more capital, more employees, more branches and more ATMs, we will be better able to compete in the future.”

He also wrote that any efforts to cast the merger as less than a good deal for members “are a great disservice to this community.”