BEAVERTON, Ore.-In proposing to combine with Addison Avenue FCU, First Tech CU is trying again at a concept it tried in the early 1990s-the marriage of CU giants.
A 1994 plan to combine First Tech with Seattle Telco FCU and San Francisco-based Patelco CU in what would have been the biggest CU merger to that point fell apart after regulators indicated a predisposition to deny the application. At the time, the three-way combination would have created a CU with just more than $1 billion in assets, which was considered huge.
In the interim, First Tech did grow by mergers, albeit smaller ones. In 2002 it merged with State Employees CU and in 2004 with Oregon Metro CU, creating a credit union today with $2.2 billion in assets and 165,000 members.
First Tech reported net income of $23.4 million for 2009.
