First Tech/Addison Merger Plans Proceeding

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BEAVERTON, Ore. — The management teams at Addison Avenue FCU in Palo Alto, Calif., and First Tech CU here continue to move forward with plans to merge and create an institution with assets of $4.6 billion, 38 branches and 320,000 members nationwide.

The merger must be approved by state and national regulators. 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 in Palo Alto and in nearby Rocklin, Calif., and in Beaverton, Ore.

Addison Avenue FCU currently serves more than 155,000 members nationwide with a field of membership that includes employees and family members of sponsor companies such as Hewlett-Packard, Cisco and Agilent Technologies.

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