Posts Tagged ‘Kennebec’

Credit union merging into a bank

August 25, 2009

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!

Let’s not let another angel (in Maine) lose her wings

October 21, 2008

At EverythingCU’s open house last Thursday, we had the pleasure of a visit from Christian Mullins. I got to meet Christian when he attended the inaugural BarCampBank NewEngland. Christian is one of the most well-versed people I know when it comes to credit unions and mergers. He has spent significant time in Mad-town, and now lives just outside of Portland, Maine. By virtue of his knowledge and location, he has a front row seat to the proceedings of KV FCU trying to merge itself into a local bank, Kennebec Savings Bank in Augusta (ME). I haven’t heard much attention so far in the CU blogosphere about this issue, so I recommend that you take a peek at Christian’s latest CU Potential blog post.

Should we get fired up every time a CU merges out of existence? (Even if into another CU?) Yes. Because the entire POINT of a credit union is to bring YOUR money, and YOUR financial institution under YOUR local control. Every merger is a step away from the goal. Every time a credit union is merged out of existence, an angel loses her wings.

That’s my take. What’s yours?