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AUGUSTA — Kennebec Savings Bank has completed its strategic combination with Kennebec Federal Savings and Loan Association of Waterville.
Kennebec Federal Savings was converted into a Maine mutual financial institution under the name of KFS State Bank, and was immediately merged with and into Kennebec Savings Bank. Deposit and loan customers of Kennebec Federal Savings have become customers of Kennebec Savings Bank.
“By coming together, we are positioned to provide even more value to our customers and community and build on our complementary strengths,” said Andrew E. Silsby, president and CEO of Kennebec Savings. “We are very pleased at the overwhelming support the combination has received from the customers of Kennebec Federal Savings. We eagerly welcome them to the Kennebec Savings Bank family.”
The Kafafian Group, Inc. served as financial advisor to Kennebec Savings Bank and New England Business Advisors acted as financial advisor to KFS. Pillar Aught LLC, acted as legal counsel to Kennebec Savings Bank, and Practu, LLP acted as legal counsel to KFS.
