The $54 million KV Federal Credit Union did not ask the firm that tabulated votes in recent charter change balloting for either the total numbers of ballots cast or the number of votes for each side, according to KV FCU CEO Beverly Beaucage.
The CEO of the Augusta, Maine-based credit union told the Kennebec Morning Sentinel that the credit union only wanted "direction from the members" about whether to convert to a mutual bank. Had members gone along, the credit union would have converted to a bank charter and immediately merged with Kennebec Savings Bank.
As have other credit union CEOs who have pushed for charter change and lost, Beaucage also announced she will retire from being CEO in March of next year, though she denied that the decision had anything to do with the outcome of the conversion contest. Beaucage would have assumed an executive position at the bank after the merger if it had gone through.
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