October 1, 2009 The Maine Credit Union League called the majority vote of the KV Federal Credit Union's membership against the proposal by the credit union's leaders to merge with Kennebec Savings Bank "a very positive outcome for both the credit union and its membership who can continue to receive the values and benefits that come with being a credit union member." John Murphy, President of the Maine Credit Union League, said, "This vote underscores the important role that members have in a credit union and the value that being a member-owner truly offers. We believe a credit union charter is the best choice for consumers and we are pleased that the majority of KV's voting members reached a similar conclusion. This vote reaffirms the strength of Maine credit unions and their popularity among members."
Murphy noted that it is estimated that Maine credit unions save Maine consumers $73 million a year through better rates on loans, higher rates on savings and lower and fewer fees as "further evidence of the significant value that credit unions offer to the nearly 610,000 credit union members in Maine. In these economic times, the benefits of using a credit union have become even more apparent and the members of KV Federal Credit Union have now made it clear they do not want to merge their credit union with a bank."
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