AUGUSTA, Maine -- Roughly ten members of the $51 million KV Federal Credit Union gathered at a members' home to discuss their dissatisfaction with a proposed plan to convert KV to a mutual bank charter and merge with a local bank.

According to an account in the local press, a member of KV who also has funds on deposit at the bank with which the CU could merge, Kennebec Savings Bank, stressed that she did not have anything against the bank but believed her community is best served by having both a bank and credit union.

"The credit union was just something that was started because it was needed in the area. It was very much needed, and I think it's still very much needed, especially today," explained Lucille Cloutier, a KV member who, with her husband Martin, hosted the meeting, according to an account in the Kennebec Journal. "We have nothing against Kennebec Savings Bank," said Cloutier. "It's the issue of changing it from a credit union to a banking institution."

The paper also reported that Martin Cloutier is founding member of KV.