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On Eve of Voting, Kennebec Savings Bank Stresses Mutuality

Members of the $53 million KV Federal Credit Union will get the ballots to begin voting on whether to convert their credit union to a bank charter and merge it with nearby Kennebec Savings Bank this week.

By David Morrison | Updated on August 18, 2009

Members of the $53 million KV Federal Credit Union will get the ballots to begin voting on whether to convert their credit union to a bank charter and merge it with nearby Kennebec Savings Bank this week. As they do so, Kennebec Savings has begun stressing its mutuality.

“Like many mutual savings banks begun in the 1800s, Kennebec Savings Bank has survived depressions and recessions, wars and natural disasters,” Kennebec Savings CEO Mark Johnston wrote on the bank’s Web site (http://www.kennebecsavings.com).

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