Maine CU Merger w/Bank Defeated Posted by AVCU on 10:25 AM

As a follow-up to a posting we made last week, the tally of member votes in last week’s meeting leaves KV Federal Credit Union continuing on independently. Members rejected management and board’s proposed conversion to a bank and subsequent merger with Kennebec Savings Bank. Efforts by both advocates and opponents of the plan turned the month-long voting process into a heated contest. Competing signs populated area roadsides and radio spots, television and print ads and editorials were numerous for weeks. KV FCU is a $53 million operation. It’s CEO is Beverly Beaucage.