Credit union members vote down merger
Members of KV Federal Credit Union in Augusta have rejected a plan to merge with Kennebec Savings Bank.
The vote against the merger, which would have been the first of its kind in Maine and among the first of 20 nationally, came after more than a year of heated debate about the proposal, the Kennebec Journal reported.
Two opposing member advocacy groups formed to speak out on the merger. Opponents questioned what the credit union's 8,000 members would gain by turning over the institution's $54 million in assets and losing its tax-exempt status, while supporters said the bank could offer larger loans and provide better customer service, according to VillageSoup.
The credit union's president, Beverly Beaucage, also announced that she will leave her position at the end of March, according to the Kennebec Journal. Beaucage said her departure isn't related to the merger's failure, and said the credit union won't seek another merger partner.
Go to the article from the Kennebec Journal >>
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