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News Now

CU System
Kennebec Valley members petition vs. merger
AUGUSTA, Maine (8/13/09)--Members of Kennebec Valley FCU (KV FCU) were asked to sign a petition against a proposed merger with a local bank, according to a letter published Tuesday in the Kennebec Journal. KV FCU last year proposed converting to a bank and then merging with Kennebec Savings Bank. The proposal was approved by KV FCU’s board last fall and is awaiting approval from a member vote (News Now Aug. 11). In a letter to the editor, KV FCU member Elaine Carpentier, who worked at the credit union for 15 years, noted some of the concerns that members have about the proposed merger. Some members feel the heritage of KV FCU has been lost, she said. Carpentier also noted in her letter that several mistruths have been circulating about the proposed conversion and merger. KV FCU CEO Beverly Beaucage and the KV FCU board have put members’ interests first, she said. On Tuesday, News Now reported on an earlier letter to the editor in the Journal, by KV FCU member Lucille Cloutier. She questioned the advantage KV FCU would have if it converted to a bank and then merged with Kennebec Savings.


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