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Kennebec Federal Savings is proud to serve individuals and businesses in Waterville, Maine
and the surrounding communities.
Kennebec Federal Savings was established in 1936 as a mutual (customer owned) financial institution.
Since that time Kennebec Federal Savings has focused on providing personal banking services to individuals
and families in Waterville, Maine and the surrounding communities. At Kennebec Federal Savings, we are
committed to being a profitable, independent community bank that:
• Provides exceptional, personalized service;
• Offers products that meet the needs of individuals and families in
our market;
• Participates actively in the greater Waterville community; and
• Provides the outstanding team of KFS employees with a challenging and
interesting place to work.
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New Branch Now Open - 11
Washington Street, Waterville |
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On July 16, 2007, KFS opened its second banking office at 11
Washington Street, just of Kennedy Memorial Drive, in
Waterville.
Conveniently located, the new branch offers 2 drive-through teller
lanes, a drive-up ATM, night depository and longer hours every weekday plus
Saturday hours. The lobby of the new office is open
Monday through Friday from 8:30 AM to 4:30 PM. The
drive-through offers extended weekday hours of 7:30 AM to 5:30
PM. On Saturday, the lobby and drive-through are open
from 9:00 AM to 1:00 PM. The drive-up ATM is available
24 hours a day.
The 3,000 square foot office features a
free coffee bar for KFS customers, a community kiosk featuring
local events, and a plasma TV that continuously displays
community news, bank news, and special offers.
The
banking office at 70 Main Street in Waterville continues to
provide lobby service, night depository and walk-up
convenience in downtown Waterville.
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2006 in Review |
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I am pleased
to report that 2006 was another successful year in both growth
and income. As of December 31, 2006 Kennebec Federal Savings
had assets increase to 76.9 million and total deposits
increased to 42.3 million. After tax income for the year
amounted to 341 thousand bring the total retained earnings to
6.8 million.
In keeping with the spirit of
giving back to our community, Kennebec Federal Savings donated
over 25,000 towards local programs for education, child care
development, arts, human services and much more. In addition
to financial support the bank encourages strong employee
commitment to community volunteerism. In 2006, employees
donated over 265 hours to various non profit
organizations.
In focusing on
the future we made the decision to build a new branch which is
scheduled to open in June. Located off KMD on Washington
Street, our branch will expand opportunities by offering
convenient services such as drive up banking and Saturday
hours. In 2006 we also commissioned a study to determine
strategies for creating our own clear and unique brand.
Modifying our name to KFS and developing a new and
contemporary logo as well as our tag line “Feel Free” create
a positive theme that communicates the message that we will do
whatever it takes to help people in the community live a
better life. We hope you will join us in our excitement about
the big steps we are taking to keep KFS competitive and
contemporary.
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| 2006 Statement of ConditionIn Thousands |
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31-Dec-2006 |
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31-Dec-2005 |
| Assets |
| Cash on Hand and in Banks |
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865 |
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1,094 |
| Investments and Securities |
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6,939 |
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5,983 |
| Real Estate Loans |
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65,477 |
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63,730 |
| Commercial Loans |
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387 |
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489 |
| Other Loans |
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563 |
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624 |
| Real Estate Owned |
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0 |
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0 |
| Federal Home Loan Bank Stock |
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1,450 |
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1,450 |
| Office Building and Equipment |
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887 |
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751 |
| Other Assets |
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346 |
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185 |
| Total Assets |
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$76,914 |
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$74,306 |
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| Liabilities and Equity Capital |
| Deposits |
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42,321 |
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40,331 |
| Borrowings |
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26,700 |
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26,450 |
| Other Liabilities |
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1,130 |
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1,131 |
| Total Liabilities |
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$70,151 |
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$67,912 |
| Unrealized Gains on Available for Sale Securities |
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669 |
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641 |
| Retained Earnings |
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6,094 |
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5,753 |
| Total Equity Capital |
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$6,763 |
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$6,394 |
| Total Liabilities and Equity Capital |
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$76,914 |
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$74,306 |
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| Regulatory Capital |
| Core Capital at December 31st |
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6,094 |
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5,753 |
| Core Capital Requirement |
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3,038 |
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2,968 |
| Excess of Core Capital Over Required Minimum |
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$3,056 |
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$2,785 |
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| Total Capital at December 31st |
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6,548 |
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6,189 |
| Total Capital Requirement |
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4,234 |
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4,071 |
| Excess of Total Capital Over Required Minimum |
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$2,314 |
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$2,118 |
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This statement has been prepared in accordance with the regulatory reporting
requirements of the Office of Thrift Supervision (OTS). Core and Total Risk-based
Capital are the elements of regulatory capital determined under such reporting requirements.
Regulatory capital is a basis by which the OTS determines whether a savings institution is
operating in a safe and sound manner. Copies of the annual audited financial statements can
be obtained upon request at our office.
“I, Allan L. Rancourt, President of Kennebec Federal Savings, do hereby declare that
this Statement of Condition has been prepared in conformance with the instructions issued by
the OTS and is true to the best of my knowledge and belief.”
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