AUGUSTA, Maine — Members of the $51 million KV Federal Credit Union have been voicing their skepticism about a pending charter change and merger with a local bank in letters to the local press.

Tom Hilyard, of East Winthrop, Maine, wrote the Kinnebec Journal that calling the transaction a merger was a misnomer.

"A bank is a business corporation whose purpose is to make a profit for its shareholders. A credit union is a cooperative owned and operated by its members for the common good. Their philosophies are totally different," Winthrop wrote.

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