AUGUSTA, Maine — A former board member of the KV Federal Credit Union has written in a local paper to urge fellow CU members not to vote to convert the CU and merge it with a mutual bank.
The credit union and a local thrift, Kennebec Savings Bank, announced a plan where each would convert their charters and merge with the bank being the surviving institution. KV would convert to a federally chartered thrift and merge immediately afterward. KSB would convert from a state charter to a mutual charter and must complete its conversion before KV converts in order to facilitate the merger.
Writing in a letter to the Kennebec Journal from his winter home in North Point Florida, Gerald Poulin, a former board member and volunteer urged members not to sacrifice the unique role KV has played in the community.
Recommended For You
"Losing the credit union and all that it stands for would be like losing a part of the community I care about and have been a part of all of my life," Poulin wrote. "In the end, it will be up to us (the members), as it should be, and I urge you to join me in keeping our credit union our credit union."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
