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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.
 KFS Named Downtown Business of the Year!
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.


 

 2007 in Review
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
 2007 Statement of Condition In Thousands
31-Dec-2007 31-Dec-2006
 Assets
 Cash on Hand and in Banks 1,081 865
 Investments and Securities   3,605   6,939
 Real Estate Loans 68,565   65,477
 Commercial Loans   125   387
 Other Loans 568 563
 Real Estate Owned   0   0
 Federal Home Loan Bank Stock   1,462   1,450
 Office Building and Equipment   2,700   887
 Other Assets   224   346
 Total Assets   $78,330   $76,914
 
 Liabilities and Equity Capital
 Deposits 45,400 42,321
 Borrowings   25,850   26,700
 Other Liabilities   586   1,130
 Total Liabilities   $71,836   $70,151
 Unrealized Gains on Available for Sale  Securities 304 669
 Retained Earnings   6,190   6,094
 Total Equity Capital   $6,494   $6,763
 Total Liabilities and Equity Capital   $78,330   $76,914
         
 Regulatory Capital
 Core Capital at December 31st 6,190 6,094
 Core Capital Requirement   3,133   3,038
 Excess of Core Capital Over Required Minimum   $3,057   $3,056
 
 Total Capital at December 31st 6,487 6,548
 Total Capital Requirement   4,552   4,234
 Excess of Total Capital Over Required Minimum   $1,935   $2,314
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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