AUGUSTA, Maine — As anticipated, the board of the $51 million KV Federal Credit Union voted on October 14 to approve a plan to merge with a local mutual bank.
But a local paper reported that the board voted to amend the merger proposal as well and that credit union executives declined to report how the proposal was changed.
The Kennebec Journal quoted KV CEO Beverly Beaucage to the effect that after reviewing all the issues, the board decided to make another few changes. The board of the potential merger partner, Kennebec Savings Bank, will take up the proposal on October 21.
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The paper also reported the credit union has slowed the pace of the merger process and does not anticipate a final vote on the question until late April or early May of next year.
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