Biggest CU Merger Finalized
BEAVERTON, Ore. – Members of First Tech CU overwhelmingly approved the merger of the $2.3 billion credit union with Addison Avenue FCU, the credit union for Hewlett-Packard and hundreds of Silicon Valley companies, in the biggest credit union merger ever, the two credit unions announced this afternoon.
The Addison Avenue and First Tech Boards both unanimously agreed to the merger earlier this year. Final merger approval was subject to both regulatory and First Tech member approval. The NCUA and State of Oregon both approved the merger in October. Results of the First Tech member vote were announced at a Special Membership Meeting on December 2.
The new credit union will maintain the name of First Tech FCU, which serves Microsoft, Cisco Systems and hundreds of technology companies in the northwest, will operate 38 branches in eight states and manage almost $5 billion in assets.
Benson Porter, head of Addison Avenue FCU, the $2.4 billion Palo Alto, Calif.-based credit union, will be president and CEO of the new institution, upon the retirment of First Tech’s longtime CEO Tom Sargent.