Kennebunk Savings Bank Announces Approval of Mutual Holding Company
Kennebunk Savings officials announced today that they received approval from their depositors to reorganize into a mutual holding company structure.
According to Bradford C. Paige, President and CEO, “We are pleased to announce that our proposed structural change has been approved by all of the required parties. This change ensures that we will be able to maintain our independence and proud history, as we continue to operate under full mutual control for the benefit of our customers, communities and employees, much the same as we have for the prior 146 years.”
Kennebunk Savings Bank is now a Maine-chartered investor-owned universal bank, wholly owned by Kennebunk Savings Bancorp, Inc. which is, in turn, wholly owned by Kennebunk Savings Bancorp, MHC. The structural change will not affect the way in which the bank does business, the terms of loans held by borrowers, or the interest rates, FDIC insurance coverage or maturities of deposit accounts at the Bank.
The Bank received a majority vote by its depositors in early June as well as approval by all necessary regulating agencies, including the Maine Bureau of Financial Institutions, the Federal Deposit Insurance Corporation and the Federal Reserve Bank of Boston.
With assets of $1.15 billion Kennebunk Savings Bank is a Maine-chartered full-service financial institution, offering personal and business banking as well as insurance services with 18 branch offices in York County, Maine and in seacoast New Hampshire.