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As members of the $53 million KV Federal Credit Union mail in their ballots that will determine the future of their institution, the credit union’s merger partner awaits word from a federal banking regulator about whether it will accept its proposed charter change.

If its members agree, the Augusta, Maine, based KV FCU will simultaneously convert to a federal mutual bank charter and merge with the 139 year old Kennebec Savings Bank. But that move relies on the state chartered Kennebec Savings Bank changing to a federal mutual bank charter and that application is currently pending at the Office of Thrift Supervision, according to the regulators Web site.

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