AUGUSTA, Maine — Kennebec Savings Bank, the state chartered thrift which proposed to merge with the $51 million KV Federal Credit Union after the credit union converts to a federal mutual bank charter, has only recently applied for its own federal charter, according to the Office of Thrift Supervision.
The OTS records show the bank applied to convert from a state chartered thrift on Jan. 21, 2009 and that the agency has set a deadline of April 22, 2009 to approve or disapprove of the application.
Kennebec Savings has to convert to a federally chartered thrift before KV would convert to a federal thrift and complete the merger. The agency has no records of an application from KV.
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Neither the bank nor the credit union has yet returned calls from Credit Union Times on the applications.
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