Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Letter to editor questions CUbank merger
AUGUSTA, Maine (8/11/09)--A letter to the editor appearing in the Saturday Kennebec Journal questioned Kennebec Valley FCU’s proposed merger with Kennebec Savings Bank. Kennebec Valley FCU, Augusta, Maine, proposed converting to a bank and then merging with Kennebec Savings in September. The credit union’s board has since voted in favor of it. The conversion and merger is awaiting a vote from Kennebec Valley’s membership. When the merger proposal was announced, the credit union noted that the conversion and merger would significantly expand its capacity to meet the current and future needs of members (News Now Sept. 10). In the letter to the editor, Lucille Cloutier questioned what the advantage would be for members if the credit union converted to a bank. “A huge point has been grossly overlooked: What do the members get in return for turning over all of the credit union’s assets in this merger?” she wrote. “With all of the credit unions in the area who, like Kennebec Valley, manage to survive financially in this economy, why are we being asked to give it all away? Exactly what is the advantage?” she continued. To read the letter, use the link.
Other Resources

RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
10 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
11 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
13 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
14 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
15 hours ago