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Addison Avenue First Tech merger approved by members
PALO ALTO, Calif. and BEAVERTON, Ore. (12/6/10)--The Addison Avenue /First Tech merger of credit unions has received final approval to proceed from First Tech members. Addison Avenue FCU and First Tech CU will legally become First Tech FCU Jan. 1. Benson Porter, Addison Avenue’s current president/CEO will serve as president /CEO of the combined credit union. The Addison Avenue and First Tech boards unanimously agreed to the merger earlier this year. Final merger approval was subject to both regulatory and First Tech member approval. The National Credit Union Administration and Oregon both approved the merger in October. Results of the First Tech member vote were announced at a Special Membership Meeting on Dec. 2. The combined institution will operate as First Tech Federal and have assets of $4.7 billion, comprise 38 branches across eight states and Puerto Rico, have about 800 employees, and continue to serve some companies including Hewlett-Packard, Microsoft, Agilent Technologies, Intel, Cisco and Nike. Both credit unions will continue to operate under their current names until account, service and system integration is complete in June. The credit union will launch a combined website in January to introduce the new brand and keep members informed as integration activities progress. The merger of equals offers the new First Tech Federal a sustainable and robust operating model that creates the financial strength and stability needed to deliver significant long-term member value, said the credit unions. “For our members, tomorrow is today,” said Porter. “With greater resources, we can continue to invest in the technology and infrastructure our members need and want and that will make us the preferred financial institution for 21st century companies and their employees.”


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