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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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KFS Named Downtown Business of the
Year! |
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KFS
was named Downtown Business of the Year at the 4th Annual
Downtown Celebration on Thursday, May 8, 2008. According to
Shannon Haines, Executive Director of Waterville Maine Street,
"the Downtown Business of the Year Award is based on a
number of criteria, including appearance of the business,
overall contribution to downtown, support of Waterville Main
Street and its activities, and customer/client feedback."
Allan Rancourt, President of KFS, accepted the award, which
included a key to the City, presented by Mayor Paul LePage and
a framed print of Downtown Waterville. KFS
is honored to be recognized as Downtown Business of the Year.
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2007 in Review |
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The
highlights of 2007 start with the opening of our first branch
in July. The new branch, located on Washington Street just off
KMD, was opened to provide new services to our customers as
well as providing a convenient location for old and new
customers. We are
all gratified by the enthusiastic support and positive
comments we have received from both our customers and the
community.
While 2007 was
a year of financial uncertainty, KFS was able to prosper and
grow. As of December 31, 2007 KFS had assets increase to 78.3
million and total deposits increased to 45.4 million. After
tax income or the year amounted to 96 thousand bringing the
total retained earnings to 6.5 million.
Our plans for
2008 will focus on increasing core deposits, generating new
loans and growing the branch. KFS will also focus on
meeting the needs of small businesses in our community by
augmenting our existing product lines.
All of us look forward to 2008 as a year of excitement
and opportunity for KFS. a
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| 2007 Statement of ConditionIn Thousands |
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31-Dec-2007 |
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31-Dec-2006 |
| Assets |
| Cash on Hand and in Banks |
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1,081 |
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865 |
| Investments and Securities |
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3,605 |
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6,939 |
| Real Estate Loans |
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68,565 |
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65,477 |
| Commercial Loans |
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125 |
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387 |
| Other Loans |
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568 |
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563 |
| Real Estate Owned |
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0 |
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0 |
| Federal Home Loan Bank Stock |
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1,462 |
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1,450 |
| Office Building and Equipment |
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2,700 |
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887 |
| Other Assets |
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224 |
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346 |
| Total Assets |
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$78,330 |
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$76,914 |
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| Liabilities and Equity Capital |
| Deposits |
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45,400 |
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42,321 |
| Borrowings |
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25,850 |
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26,700 |
| Other Liabilities |
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586 |
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1,130 |
| Total Liabilities |
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$71,836 |
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$70,151 |
| Unrealized Gains on Available for Sale Securities |
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304 |
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669 |
| Retained Earnings |
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6,190 |
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6,094 |
| Total Equity Capital |
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$6,494 |
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$6,763 |
| Total Liabilities and Equity Capital |
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$78,330 |
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$76,914 |
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| Regulatory Capital |
| Core Capital at December 31st |
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6,190 |
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6,094 |
| Core Capital Requirement |
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3,133 |
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3,038 |
| Excess of Core Capital Over Required Minimum |
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$3,057 |
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$3,056 |
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| Total Capital at December 31st |
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6,487 |
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6,548 |
| Total Capital Requirement |
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4,552 |
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4,234 |
| Excess of Total Capital Over Required Minimum |
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$1,935 |
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$2,314 |
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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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