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An Oct. 5 settlement arising out of the showdown between the $600 million Vermont State Employees Credit Union and its state regulator over use of the word “bank” in advertising leans in the credit union’s favor.

According to a joint release from the two parties, the Montpelier-based credit union cannot describe itself as a bank, but may use the word “banking” and similar words when advertising its services, as long as it discloses that it is a credit union.

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