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KFS - Feel Free
FDIC - LENDER
About Us
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.
 New Branch Now Open - 11 Washington Street, Waterville
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.  
  
 2006 in Review
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.  
 2006 Statement of Condition In Thousands
31-Dec-2006 31-Dec-2005
 Assets
 Cash on Hand and in Banks 865 1,094
 Investments and Securities   6,939   5,983
 Real Estate Loans 65,477   63,730
 Commercial Loans   387   489
 Other Loans 563 624
 Real Estate Owned   0   0
 Federal Home Loan Bank Stock   1,450   1,450
 Office Building and Equipment   887   751
 Other Assets   346   185
 Total Assets   $76,914   $74,306
 
 Liabilities and Equity Capital
 Deposits 42,321 40,331
 Borrowings   26,700   26,450
 Other Liabilities   1,130   1,131
 Total Liabilities   $70,151   $67,912
 Unrealized Gains on Available for Sale  Securities 669 641
 Retained Earnings   6,094   5,753
 Total Equity Capital   $6,763   $6,394
 Total Liabilities and Equity Capital   $76,914   $74,306
         
 Regulatory Capital
 Core Capital at December 31st 6,094 5,753
 Core Capital Requirement   3,038   2,968
 Excess of Core Capital Over Required Minimum   $3,056   $2,785
 
 Total Capital at December 31st 6,548 6,189
 Total Capital Requirement   4,234   4,071
 Excess of Total Capital Over Required Minimum   $2,314   $2,118
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.”

Allan L. Rancourt

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