PALO ALTO, Calif.-Addison Avenue FCU, based here, and First Tech CU, Beaverton, Ore., said they have received approval from NCUA to merge, the first step in the regulatory process. NCUA is expected to announce the approval of the First Tech/Addison Avenue merger in its upcoming Monthly Activity Report. The two CUs announced their intent to combine in March.
Benson Porter, Addison Avenue's president and CEO, and Brooke Van Vleet, First Tech's interim president and CEO, released a joint statement saying they "are very pleased to receive merger approval from the NCUA, an important first step in the approval process. Before First Tech can proceed to a member vote, Oregon's regulators must also weigh in and render their decision."
The merger, if approved, would result in a combined credit union with assets of $4.6 billion, 38 branches and 320,000 members nationwide.
If all approvals are given, the new CU would use Addison Avenue's current federal charter but operate as First Tech Federal Credit Union. It would have corporate offices here and in nearby Rocklin, Calif., and in Beaverton, Ore.
Addison Avenue FCU currently serves employees and family members of sponsor companies such as Hewlett-Packard, Cisco and Agilent Technologies. First Tech CU serves employees in the high tech, telecom, education, and government.
