Nutter client Kennebec Savings Bank has announced a proposed combination with KV Federal Credit UnionPrint PDF
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Nutter client Kennebec Savings Bank in Augusta, Maine has announced a proposed combination with KV Federal Credit Union in Augusta, Maine. The rare bank-credit union combination, in which Kennebec would be the surviving institution, is still at the early stages. KV's board of directors must first approve a proposal to convert to a federal savings bank and then merge with Kennebec, and the transaction must also be approved by the credit union's members. There have been only eight prior bank-credit union mergers nationally. Nutter has represented the bank in all aspects of the transaction.