The Maine Supreme Court ruled Monday that Saco Valley Credit Union may serve residents of more than 16 communities.
The high court rejected a challenge by the Maine Bankers Association, which contended that a state-chartered credit union could not serve more than one community. Saco Valley recently converted from a federally chartered, occupation-based credit union to a state-chartered community institution.
"This is another victory for credit unions," said Brenda Furlow, acting general counsel at the Credit Union National Association. "But it does not impact the AT&T case."
In the AT&T Family Federal case, a judge ruled in July that federally chartered occupation-based credit unions may not serve employees from more than one company.