AUGUSTA — Kennebec Savings Bank president and CEO Andrew Silsby and Kennebec Federal Savings and Loan Association of Waterville president and CEO Allan Rancourt have announced the signing of a definitive agreement to merge the two financial institutions under the Kennebec Savings Bank name. The merger was unanimously approved by both institutions’ board of directors and is anticipated to be completed in the fourth quarter of 2020, subject to customary closing conditions, including the receipt of all required regulatory approvals.
“Our mission at KSB is to provide the highest quality customer and community-focused banking experience possible, which aligns perfectly with KFS’s longstanding commitment to the Waterville region,” said Silsby. “We are thrilled to welcome KFS’s talented employees and valued customers to the KSB family.”
“Kennebec Savings Bank has a strong reputation for excellence in customer service and community involvement — two values our banks proudly share,” said Rancourt. “I feel confident that this will be a win-win-win for our customers and employees, and for the Waterville region.”
Under the terms of the merger agreement, KFS will be merged with and into KSB, and customers of KFS will become customers of KSB. Upon completion of the merger, KFS’s current locations will remain in operation and employees will transition to KSB’s team. The combined bank will have approximately $1.25 billion in assets.
“All of KFS’s customers can expect to see the same faces they know and trust and at the same convenient branches – but now will add easy access to KSB’s full array of products, services, and locations,” said Silsby.
Customers of both KSB and KFS will see no change to their accounts or service levels until the merger is completed. KFS customers will receive communications prior to any changes to enhance their products, improve their account access, and any upgraded digital abilities. Once the banks are officially combined, KFS customers will have access to KSB branches, and vice versa.
Headquartered in Augusta, KSB is a 150-year-old state-chartered community bank with locations in Augusta, Waterville, Farmingdale, Winthrop, and Freeport.
KFS is an 84-year-old community bank with two locations in Waterville.
For more information, contact senior Vice President David Holmblad at 207-274-3830 or DHolmblad@KennebecSavings.Bank.
