Members of the $54 million KV Federal Credit Union, headquartered in August, Maine have voted to remain a credit union, according to John Murphy, CEO of the Maine Credit Union League.
"This vote underscores the important role that members have in a credit union and the value that being a member-owner truly offers," Murphy said. "We believe a credit union charter is the best choice for consumers and we are pleased that the majority of KV's voting members reached a similar conclusion. This vote reaffirms the strength of Maine credit unions and their popularity among members."
Neither the credit union nor the bank that was to have been its merger partner, Kennebec Savings Bank, also headquartered in Augusta, have formally commented on the outcome.
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In a somewhat complex and novel process, KV FCU had planned to convert a mutual bank charter and then to simultaneously merge with KSB that, by that time, had converted to a federal mutual bank charter from being a state chartered institution. The campaign over the vote had remained mostly quiet for weeks until a period coinciding with the arrival of ballots in the second half of August when, KV members said, both supporters and opponents of the merger had become significantly more active.
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