AUGUSTA (AP) – Two Augusta-based financial institutions, one a federal credit union and the other a state-chartered savings bank, announced Tuesday that they plan to merge.
If it wins regulatory approval, the merger of Kennebec Savings Bank and KV Federal Credit Union would mark a first in Maine and would be among the first instances nationally of a credit union teaming up with a savings bank.
Mark Johnston, president and chief executive officer of Kennebec Savings Bank, said the two institutions had long talked about a possible merger, and the discussions accelerated in recent months.
Officials billed the merger as a way for the two institutions to become more efficient and position themselves for growth in a crowded banking market.
The companies have set June 30 as a “loose target” for completing the deal, Johnston said.
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