AUGUSTA, Maine — Members of the $51 million KV Federal Credit Union opposed to KV's proposed charter change and merger with a local savings bank will approach the credit union tomorrow with a petition to see board minutes leading up to the conversion.
The members say they want to review the board's thinking on why the credit union should merge and why it should necessarily convert and merge with a mutual bank. KV announced and Kennebec Savings Bank announced in September of 2008 that they planned for KV to convert to a federal mutual bank charter and then merge with Kennebec which, by then, would also be a federally chartered mutual. Currently the bank is state chartered.
Lucille Cloutier, a member of the CU whose husband was one of KV's founders, is helping organize members opposed to the charter shift and move and said she and her husband had been surprised at the depth of opposition.
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"At first we didn't really do anything because we thought no one really cared," Cloutier explained, "but we have been surprised to hear from so many people."
Cloutier said the group had 187 signatures from credit union members who want to read what their board discussed about the merger and conversion. Under NCUA regulations, KV will have 14 days to respond to the petition.
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