In what would be the biggest credit union merger to date, Addison Avenue Federal Credit Union and First Tech Credit Union have announced an agreement to combine and create a credit union with almost $5 billion of assets.
The agreement, announced Wednesday, is the first formal step in the merger process for the credit unions.
First Tech is based in Beaverton, Ore., and Addison is in Palo Alto, Calif. State and national regulators and First Tech members must approve the merger.
Both credit unions are well-capitalized institutions involved in financial services delivery to the high-technology sector. The deal exceeds last year's combination of Space Coast Credit Union and Eastern Financial Florida Credit Union, which created a $3.2 billion credit union.