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State league efforts to enable more credit unions to receive public deposits took a step forward this week with the Minnesota Credit Union Network signing a pact with a Milwaukee vendor, American Deposit Management LLC, which helps broker, process and deposit the funds.

Under a strategic partnership agreement with the Minnesota trade group, ADM said it has already started advising credit unions in the state on optimum procedures to gain the deposits at favorable rates acceptable to school districts, city and county bodies, water utilities and other entities. The firm said it provides full FDIC/NCUA insurance through its network.

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