PALO ALTO, Calif. — In the biggest credit union merger ever, Addison Avenue FCU and First Tech CU in Beaverton, Ore., said today they agreed to combine to create a credit union with almost $5 billion in assets.
The agreement is the first formal step in the merger process. State and national regulators and First Tech Credit Union members must approve the merger.
Both Addison Avenue and First Tech are independently strong, well-capitalized institutions that are recognized leaders in innovative financial services delivery to the high-tech sector and individual. Both institutions share a rich heritage in serving members from 21st century companies such as Hewlett Packard, Microsoft, Agilent, Intel, CH2M HILL, and Nike.
Tom Sargent, First Tech Credit Union President and CEO, is scheduled to retire in spring 2010. "As Tom's retirement approached, our Board of Directors sought a replacement who would lead First Tech with the same integrity, passion, and commitment to innovation that Tom has demonstrated at First Tech for 25 years," said Carolyn Strong, chairman of the board for First Tech. "During our search, we also explored other strategic alternatives and a partnership with Addison Avenue presented a great opportunity."
"This partnership is a tremendous opportunity to create more value for our combined membership and sponsor companies," said Benson Porter, President and CEO of Addison Avenue Credit Union. "Both institutions share great similarities, starting with our strong member-centric cultures focused on serving the high-tech sector and individual. We will be even better together."
The deal exceeds last year's combination of Space Coast CU and Eastern Financial Florida CU, creating a $3.2 billion credit union.
