Members of the $53 million KV Federal Credit Union got their ballots to begin voting on whether to convert their credit union to a bank charter and merge it with nearby Kennebec Savings Bank late last week. As they received them, Kennebec Savings has begun stressing its mutual status.
"Kennebec Savings Bank has survived depressions and recessions, wars and natural disasters," Kennebec Savings CEO Mark Johnston wrote on the bank's Web site (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 megabanks merging and closing, and stocks rising and falling, for us, it was business as usual."
If the members vote to convert the credit union, they will bring the bank a healthy credit union, particularly in these times. 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%.
The bank has also been promoting its recent recognition as one of the country's "10 best companies for employees financial security" by the Principal Group. In addition to Kennebec Savings, the winners included three credit unions, Credit Union West, Glendale, Ariz.; Knoxville TVA Employees Credit Union, Knoxville, Tenn.; and Summit Federal Credit Union, Rochester, N.Y.
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