Credit union league opposes merger
The Maine Credit Union League is opposing a merger between an Augusta credit union and Augusta bank, saying that a credit union charter is best for Maine consumers.
The directors of the Westbrook-based league, which represents all but one of Maine's 69 credit unions, yesterday voted to meet sometime this week with officials from KV Federal Credit Union to persuade them not to move forward with a planned merger with Kennebec Savings Bank, according to the Kennebec Journal. Officials from KV Federal Credit Union said the opposition is an attempt to avoid losing the $200,000 a year the credit union pays to the league in member dues, according to the paper.
Kennebec Savings and KV Federal Credit Union on Tuesday announced plans to merge, with a tentative completion date of June 2009.
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