AUGUSTA, Maine — After a contentious campaign, KV Federal Credit Union members rejected a proposed bank conversion and merger with nearby Kennebec Savings Bank, Credit Union Journal has learned.
"It's a great day for Maine's credit unions," said state league president John Murphy, who was notified of the final tally by a KV FCU member. Murphy lauded the $53-million credit union's membership for its passion in a fight that turned into a full blown political campaign. Political-style signs on both sides of the issue dotted yards and roadways in the weeks leading up to and during the month-long voting process that ended two weeks ago. Activists both for and against the merger took to the airwaves with radio and television ads and tried to sway their fellow members with letters to the editor and full-page advertisements in the local newspapers.
"[The members] deserve all the credit," said Murphy. "They worked hard for the last 12 months to save their credit union and they have." KV FCU CEO Beverly Beaucage and Kennebec Savings Bank President Mark Johnston were not immediately available for comment. Credit Union Journal was unable to immediately determine the final vote breakdown.
