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

According to an account in the local press, a member of KV whoalso has funds on deposit at the bank with which the CU couldmerge, Kennebec Savings Bank, stressed that she did not haveanything against the bank but believed her community is best servedby having both a bank and credit union.

"The credit union was just something that was started because itwas needed in the area. It was very much needed, and I think it'sstill very much needed, especially today," explained LucilleCloutier, a KV member who, with her husband Martin, hosted themeeting, according to an account in the Kennebec Journal. "We havenothing against Kennebec Savings Bank," said Cloutier. "It's theissue of changing it from a credit union to a bankinginstitution."