Financial Advisory Assignments

Kennebec Savings Bank inks definitive agreement with Kennebec Federal Savings and Loan Association of Waterville

June 18, 2020 – Augusta, ME Kennebec Savings Bank (KSB) President & CEO Andrew Silsby and Kennebec Federal Savings and Loan Association of Waterville (KFS) President & 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 depositors of KFS will become depositors of KSB. These customers will have the same rights and privileges in Kennebec Savings Bank and with the mutual holding company (MHC) parent of KSB, as if their accounts had been originally established at KSB.
Upon completion of the merger, KFS’s current locations will remain in operation and employees will transition to KSB’s team. The combined company will have approximately $1.2 billion in assets and further strengthen its position in Kennebec County.