Credit union merging into a bank

I just had a conversation with Ms. Debra Trautman of the Maine CU League/Synergent, and she reminded me that the CU-to-Bank Conversion of Kennebec Valley FCU (KVFCU) is coming to a conclusion soon. I was first alerted to this conversion by Christian Mullins at BarCampBank NewEngland 1.5 years ago.

Here is Christian’s blog on it

Here’s a Kenebec Journal article (Jan 09)

Some passionate debate on The CU Loop’s blog

Recent news about the battle from members not to merge KVFCU into a bank from Morning Sentinel

Lucille Cloutier’s Letter to the Editor questions what members get in the merger

Web site created by the Members Matters Group (with assistance from the Maine CU League) to help the members save their credit union

If you know someone in Maine who is a member of this CU, please let them know about this situation! Ballots were mailed to members today!

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4 Responses to “Credit union merging into a bank”

  1. Debra Trautman Says:

    Morris, I jut wanted to clarify that the website was created by the Members Matters Group.

  2. Morriss Partee Says:

    I have emailed the following message to Beverly Beaucage, the CEO of KV FCU:

    Hi Beverly!

    How are you doing in Maine? I hope you are having a lovely day! I look forward to speaking to the Maine CU League’s CEO roundtable on social media in October, and I would hope to meet you if you are still in the Credit Union movement then.

    I understand that your CU is voting to merge with a bank.

    I’ve blogged about this a couple of times, as well as brought up the discussion on our web site for CU professionals, EverythingCU.com.

    If you are interested and able, I would honestly love to hear from you why this is a good thing for your membership.

    Please feel free to comment here. I would be honored if you do:

    [this blog entry here]

    or here, in a private forum only open to CU professionals (registration is quick, free, and easy):

    Conversation about CU-to-Bank conversion on EverythingCU.com

    Have a great one,
    Morriss

  3. Jeffry Pilcher Says:

    Here’s how Beverly might paraphrase an interpretation of this invitation: “How would you like to defend yourself while dozens of your industry peers attack your motives and rationale?”

  4. Morriss Partee Says:

    Just learned the good news: The members voted NOT to merge with the bank. Cheers to the credit union movement and meaningful differentiation – empowering people to take control of their own finances.

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