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Updated: March 8, 2021

Kennebec Savings completes merger with Kennebec Federal Savings and Loan

Kennebec Savings Bank headquarters building in Augusta File photo / Maureen Milliken Kennebec Savings Bank, which is headquartered in Augusta, has merged with smaller peer Kennebec Federal Savings and Loan Association.
By Renee Cordes

Two central Maine banks completed their merger over the weekend to form an institution with 171 employees and combined assets of $1.317 billion.

Andrew Silsby, president of Augusta-based Kennebec Savings Bank, said everything was "fantastic" in regard to the merger with his bank's smaller regional peer, Kennebec Federal Savings and Loan Association. The merger closed at 5:01 p.m. on Friday.

"We had teams of people that began the computer conversion later on Friday night, which went into Saturday, then teams of people doing data validation on Saturday, well into the night," Silsby told Mainebiz. "Everything went just as we had planned and even ahead of schedule, so much so that we were able to turn on all the systems for all the former [Kennebec Federal Savings] customers on Sunday morning instead of on Monday."

He also said that all exterior signs have been changed and new phone and computer systems installed.

"We welcomed all 21 employees to the Kennebec Savings Bank family and now we stand ready to assist all the [Kennebec Federal Savings] customers with the transition as one institution," Silsby added. "We have also extended our customer care team hours to help anyone who needs assistance."

Post-merger, Kennebec Savings Bank has six branches. They include one each in Augusta, Winthrop, Farmingdale and Freeport, and two in Waterville (after consolidating two locations into its existing one, at  226 Main St.).

Andrew Silsby at a bank branch
File photo / Tim Greenway
Andrew Silsby, president and CEO of Kennebec Savings Bank, said that "staffing branches remains a very fluid situation with the current surge" in COVID-19 cases. He said the bank is back down to drive-ups only in several offices while larger offices are still open for full service.

While Silsby's role remains the same at Kennebec Savings Bank, Kennebec Federal Savings President and CEO Allan Rancourt retired as planned on Friday after 44 years at the bank and 30 years as CEO.

"We all congratulated him and wished him a long and happy retirement," Silsby said.

The merger completion comes a little more than three months after the banks received approval of the deal from the Maine Bureau of Financial Institutions.

At that time, Silsby told Mainebiz the merger was the state's first of a federal savings and loan into a bank under a holding company structure.

Originally due to be completed at the end of 2020, the merger was pushed back by a few months to avoid the traditional end-of-year busy period.

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