MAX FCU Opts for State Charter

MONTGOMERY, Ala. – Members of MAX FCU narrowly approved a conversion to state charter last week in order to serve a broader field of membership. The charter switch, approved by a 52.7% to 47.3% vote, will enable the state’s fourth-largest credit union to expand beyond metropolitan Montgomery. The state charter will, however, require the $700 million credit union to pay about $700,000 a year for the state’s 6.5% excise tax.