Maine mutual banks plan merger
Kennebec Savings Bank in Augusta, Maine, and Kennebec Federal Savings and Loan Association of Waterville in Maine will no longer have to deal with brand confusion in the middle part of the state.
The $1.2 billion-asset Kennebec Savings and the $94.5 million-asset Kennebec Federal announced plans on Thursday to merge. The combined mutual bank will operate as Kennebec Savings.
The merger is expected to close by the end of this year.
“We’re thrilled to welcome KFS’s talented employees and valued customers to the KSB family,” Andrew Silsby, Kennebec Savings’ president and CEO, told the Kennebec Journal.
“Kennebec Savings shares the same values we have: a commitment to our customers, our community and our people,” said Allan Rancourt, Kennebec Federal’s president. He added that the mutual bank’s decision to merge is tied to his decision to retire at the end of this year.