Two central Maine banks completed their merger over the weekend to form an institution with 171 employees and combined assets of $1.317 billion.
Andrew Silsby, president of Augusta-based Kennebec Savings Bank, said everything was fantastic in regard to the merger with his bank s smaller regional peer, Kennebec Federal Savings and Loan Association. The merger closed at 5:01 p.m. on Friday. We had teams of people that began the computer conversion later on Friday night, which went into Saturday, then teams of people doing data validation on Saturday, well into the night, Silsby told Mainebiz. Everything went just as we had planned and even ahead of schedule, so much so that we were able to turn on all the systems for all the former [Kennebec Federal Savings] customers on Sunday morning instead of on Monday.