Mainebiz

V O L . X X V I N O. X V J U LY 1 3 , 2 0 2 0 14 A U G U S TA / WAT E R V I L L E / C E N T R A L M A I N E Kennebec Savings currently has locations in Augusta, Waterville, Farmingdale, Winthrop and Freeport. Once the deal is completed, Kennebec Federal's two Waterville branches will remain in operation and its 21 employees will join the Kennebec Savings team of 145, putting the total at 165. Silsby will continue in his role at the enlarged Kennebec Savings, while Kennebec Federal President and CEO Allan Rancourt will retire. Regulatory reviews 'mostly process-driven' Kennebec Savings was incorporated in 1870. Its pending merger will be its first since 1995, when it joined forces with Waterville Savings and Loan Association, which back then was a $35 million bank. Today it's a $225 million branch office for Silsby's institution. Kennebec Savings aims to complete its merger with Kennebec Savings and Loan in the fourth quarter of 2020, pending regulatory approvals. Silsby says there will be reviews by at least three regulatory bodies and possibly four. He expects those to take between five and eight months without any major hurdles, saying, "It is mostly process-driven. We get good grades from our regulators … I don't anticipate any challenges with the regulatory process." In the meantime,Silsby says that various teams are working on dif- ferent aspects of post-merger inte- gration from converting bank soft- ware to setting up a new employee benefits structure, and that having similar cultures helps. "is is not a situation where this big entity is coming in and taking over," Silsby says. "e blending of the mission and the cultures is priority one." R e n e e C o r d e s , M a i n e b i z s e n i o r w r i t e r, can be reached at rcordes @ mainebiz.biz and @rscordes F O C U S Street sense: Two summer road revamps oute 9 in Gardiner and West Gardiner is undergoing a $1.89 million Maine Department of Transportation makeover this summer. e contractor is Fairfield-based Pike Industries Inc, a subsidiary of CRH plc of Dublin, Ireland. e project aims to make improve- ments to the roadway and ancillary systems, covering the area near I-295 in West Gardiner and extending east for about three miles and ending near Robinson Street in Gardiner. A single-lane traffic pattern is in effect until the project wraps up. MDOT has also tapped Pike Industries to do paving work and make safety improvements for a $469,346 project on Route 201 in Farmingdale. e coverage area starts at the Gardiner town line and runs northward for about 1.5 miles. e agency expects both proj- ects to be completed by Sept. 4. Busy time for financial mergers t's a busy time for financial services mergers in central Maine, with two banks and two credit unions unveiling tie-ups within days of each other in June. In the larger of the two, Augusta- based Kennebec Savings Bank is joining forces with Kennebec Savings and Loan Association of Waterville, to form an entity with about 165 employees and $1.25 billion in assets. e credit union merger, which took effect June 27, brings together Augusta- based Connected Credit Union with Winslow Community Federal Credit Union. e enlarged Connected Credit Union employs 27 people in the two loca- tions, serves more than 8,400 members and has assets of $100 million. Kennebec Savings President and CEO Andrew Silsby underscores that the tie-up between his institu- tion and his smaller peer is a merger and not an acquisition because there is no financial transaction involved. "is is two mutual organizations coming together within the same market," he says. "We decided we're stron- ger together than we're apart. is is more about social issues." ….Loyalty ….Integrity …..Transparency family owned and operated since 1996. To start a conversation call 207-873-2200 129 Silver St. Waterville, ME 04901 Brian Bernatchez, CFP® named to the Forbes Best-In-State Wealth Advisor list, developed by SHOOK Research and is based on in-person and telephone due diligence meetings and a ranking algorithm that includes: client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Neither Forbes nor SHOOK Research receives a fee in exchange for rankings. Securities offered through LPL Financial, Member FINRA/SIPC An educated workforce is vital to support economic development and MEREDA supports a strong education system. Over the past 8 years, MEREDA is proud to have raised and donated over $123,000 in scholarships helping over 95 Maine students by making it a little easier for them to achieve their goal of obtaining a college credential. MEREDA's "Strikes for Scholars" Bowl-A-Thon Fundraising to Provide Sixteen $1,000 Scholarships Many Thanks to our Teams and Our Event Sponsors! Although MEREDA had to cancel this year's "Strikes for Scholars" Bowl-a-Thon Fundraising Event due to the Coronavirus Pandemic, many of our event participants were able to donate their registration fees providing continued support for our great Maine students! That said, we are pleased to let you know that MEREDA has provided fourteen $1,000 scholarships to the Maine Community College System, as well as two $1,000 scholarships to the College of Science, Technology & Health at USM. Thank-You, MEREDA Members! 35 YEARS 1985-2020 » C O N T I N U E D F RO M P R E V I O U S PA G E P H O T O / T I M G R E E N WAY We get good grades from our regulators … I don't anticipate any challenges with the regulatory process. — Andrew Silsby Kennebec Savings Bank Andrew Silsby R I

• Cover