Kennebec Savings Bank, KFS merger on track for early 2021

AUGUSTA — Kennebec Savings Bank President & CEO Andrew Silsby and Kennebec Federal Savings and Loan Association of Waterville President & CEO Allan Rancourt have announced that they have received regulatory approval to proceed with the merger of Kennebec Federal Savings with Kennebec Savings Bank.
The Maine Bureau of Financial Institutions approved KFS’s application to convert to a Maine mutual financial institution for purposes of facilitating the merger. In addition, they approved Kennebec Savings Bank’s application to merge with KFS. The Federal Deposit Insurance Corp. also approved Kennebec Savings Bank’s application to merge with KFS. The conversion and merger are scheduled to occur simultaneously.
“This approval is another step forward in what is a lengthy merger process partly because the two organizations have different charters; KFS being Federal and KSB being State,” said Silsby. “The process is moving ahead and these approvals are a strong indicator that we are on track to complete the merger in the March timeframe.”
“We are pleased that the Bureau of Financial Institutions and the FDIC have provided their approvals,” said Rancourt. “We are excited to take the next step in joining these two banks together.”
Completion of the transaction remains subject to the satisfaction or waiver of other closing conditions, including Kennebec Federal Savings member approval. KFS expects to hold a special meeting of its members in late December, and the transaction is expected to be completed in the first quarter of 2021.