KFS Merger FAQs
Why did both banks decide to take this action?
This is a significant opportunity for both Kennebec Savings Bank and Kennebec Federal Savings to broaden and strengthen our service to the community by combining two well-respected community banks whose core values and cultures are the same. By joining the banks together, all our customers will have access to expanded products and services, our shareholders will have the opportunity for increased value, and our local communities will continue to be supported.
Who is KFS?
Kennebec Federal Savings is a $95 million mutual financial institution with a team of 21 employees and two branches, both located in Waterville. Kennebec Federal Savings is proud of its long heritage of serving the people of Waterville through high-quality banking products and services for over 80 years. Like KSB, KFS also has a long history of community giving in both dollars and volunteer hours. For six years in a row, Kennebec Federal Savings has been selected as one of the “Best Places to Work in Maine.”
Will I be able to bank at KFS locations in Waterville once the merger takes place?
The merger is still in process at this time, and therefore Kennebec Savings Bank customers will not be able to bank at current Kennebec Federal Savings locations until the merger is finalized (we expect that to be later this fall). More details on how to take advantage of these expanded Waterville location options will be available as we approach the time of the completed merger.
Will the combined bank remain a community bank?
The founding principles of Kennebec Savings Bank are based on community support and involvement. We believe that our dedication to local communities has helped fuel success for local businesses, individuals and families, as well as our own success and growth. No matter how much we grow, we intend to operate as a local, community bank.
How will the merger benefit me?
After system conversion (expected later this fall), you will have access to banking services at two additional branches in Waterville. Also, the combined institutions will offer an enhanced line of products and services to help you better meet your financial needs. Finally, local nonprofits and the communities of Kennebec County will continue to be generously supported.
What should I do if I have additional questions?
We realize this merger may generate specific questions, and we are here to answer them as best we can during this phase of the merger process. For more information, please contact us at (207) 622-5801.