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First Tech Addison Avenue CUs to merge
PALO ALTO, Calif. and BEAVERTON, Ore. (3/12/10)--The boards of Addison Avenue FCU, Palo Alto, Calif., and First Tech CU, Beaverton, Ore., have approved a merger agreement between the two organizations. The agreement is the first formal step in the merger process. State and federal regulators and First Tech members must approve the merger. Addison Avenue and First Tech are independently strong, well-capitalized institutions that are recognized leaders in innovative financial services delivery to the high-tech sector and individual, the credit unions said. Both institutions share a heritage in serving members from high-tech companies such as Hewlett Packard, Microsoft, Agilent, Intel, CH2M HILL and Nike. The combined credit union would have assets of $4.6 billion, 38 branches, and 320,000 members nationwide. It would offer members an expanded branch and ATM network and online offerings, and continue to offer a product line including mortgage, investment and insurance services. The continuing credit union would use Addison Avenue’s federal charter with the addition of First Tech’s fields of membership. The combined credit union would operate as First Tech FCU with corporate offices in Palo Alto, Beaverton and Rocklin, Calif. Tom Sargent, First Tech CU president/CEO, is scheduled to retire this spring. “As Tom’s retirement approached, our board sought a replacement who would lead First Tech with the same integrity, passion, and commitment to innovation that Tom has demonstrated at First Tech for 25 years,” said Carolyn Strong, First Tech board chairman. “During our search, we also explored other strategic alternatives and a partnership with Addison Avenue presented a great opportunity.” “This partnership is a tremendous opportunity to create more value for our combined membership and sponsor companies,” said Benson Porter, Addison Avenue president/CEO. “Both institutions share great similarities, starting with our strong member-centric cultures focused on serving the high-tech sector and individual.”


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