Feb. 23—WATERVILLE — Two central Maine banking institutions with similar names will merge March 5 after years of planning for the move.
Kennebec Savings Bank at 226 Main St. and Kennebec Federal Savings, also known as KFS, with a main office at 70 Main St. downtown and a branch office at 11 Washington St., will become Kennebec Savings Bank when the merger is complete at 5:01 p.m. on March 5, according to Andrew Silsby, president and chief executive officer of Kennebec Savings.
"We will open our doors on Monday, March 8, and the signs on the doors will have changed and the computer conversion will be completed by then and we'll be operating as one institution from that standpoint," Silsby said Monday.
With the merger, more than 20 employees of KFS will become employees of Kennebec Savings Bank, bringing the total number of employees at Kennebec Savings to 170, Silsby said. Allan Rancourt, president of KFS, will retire, he said.
"His last day is March 5," Silsby said. "He worked for the bank for 44 years. Not a lot of people can say they've worked at a place for that period of time."
Rancourt said Monday the merger will add KFS' capital to Kennebec Savings' and bring more services to KFS customers.
"So, it's a win-win all the way," Rancourt said. "I'm pleased about the merger with Kennebec Savings Bank. It's a great bank, really well run, a lot of great opportunities for my people, a lot of new products for my customers. I couldn't be happier that our board chose them to merge."
In addition to its Waterville branch, Kennebec Savings Bank has locations in Augusta, Farmingdale, Freeport and Winthrop.