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).
"That's because of a management strategy that has never wavered from focusing on the long term future of our institution and the community–your community. This continued resilience kept the Bank strong through a year riddled with uncertainty within the financial services industry both at the local and national level. With mega-banks merging and closing, and stocks rising and falling, for us, it was business as usual."
Recommended For You
If the members vote to convert the credit union, they will bring the bank a healthy credit union. According to the credit union's June report to the NCUA KV, in addition to making money, had a net worth ratio of 9.71% and a return on average assets of 1.66%.
© 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.
