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News Now

CU System
Kennebec Valley members vote to stay a CU
WESTBROOK, Maine (10/2/09)--Members of Kennebec Valley FCU (KV FCU) have voted against a proposal to convert to a bank charter and then merge with Kennebec Savings Bank in Augusta, Maine. The Maine Credit Union League called the vote “a very positive outcome for both the credit union and its membership.” A credit union charter is the best choice for consumers, the league added. “This vote underscores the important role that members have in a credit union and the value that being a member-owner truly offers,” said John Murphy, Maine league president. Voting by KV FCU members on the proposed merger concluded Sept. 21. Last year, the credit union’s board approved a proposal to convert to a bank and then merge with a local savings bank (News Now Sept. 23). The board said the proposed merger and conversion would place the credit union in a better position to grow. After the proposal was approved by the board, members from KV FCU began sending letters to the editor of a local newspaper, expressing their thoughts about the proposed merger. Many members were against the proposal. Members also formed several groups regarding the merger, such as KV Members Matter, which opposed the conversion; and KV Members Voting Yes for the Merger. A group also petitioned the credit union for access to board meeting minutes in which the proposal to convert was discussed (News Now Feb. 11). KV FCU, Augusta, Maine, has $54 million in assets.


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