Search
 

Proposed CU Bank Merger Awaits Member Vote, Regulatory Approvals

As members of the $53 million KV Federal Credit Union mail in their merger ballots, the credit union's merger partner awaits word from a federal banking regulator about whether it will accept its proposed charter change.

By David Morrison | Updated on August 24, 2009

As members of the $53 million KV Federal Credit Union mail in their ballots that will determine the future of their institution, the credit union’s merger partner awaits word from a federal banking regulator about whether it will accept its proposed charter change.

If its members agree, the Augusta, Maine, based KV FCU will simultaneously convert to a federal mutual bank charter and merge with the 139 year old Kennebec Savings Bank. But that move relies on the state chartered Kennebec Savings Bank changing to a federal mutual bank charter and that application is currently pending at the Office of Thrift Supervision, according to the regulators Web site.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.