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First Techs next step Members to vote on merger
PALO ALTO, Calif., and BEAVERTON, Ore. (10/19/10)--Members of First Tech CU, based in Beaverton, Ore., will be voting soon on its proposed merger with Palo Alto, Calif.-based Addison Avenue FCU. The two credit unions recently received approval for the merger from the National Credit Union Administration and the State of Oregon. “This is an important milestone in the merger approval process,” said Benson Porter, Addison Avenue president/CEO, “and we look forward to finalizing the merger.” During the last week of October, First Tech members will receive a voter’s guide and information about the proposed merger. A week later, they will receive an Official Ballot Packet, and will have 30 days to cast their vote. The results of the vote will be announced in early December. First Tech members are voting because First Tech would change from a state charter to a federal charter. Brooke Van Vleet, First Tech’s interim president/CEO, noted that the combined credit union will offer “more value for our combined membership, greater efficiencies and the strength to grow and prosper in the 21st century.” Both credit unions are strong, well-capitalized credit unions and share a culture of serving members from 21st century companies such as Hewlett Packard, Microsoft, Agilent, Intel, CH2M HILL and Nike. The combined credit union will have assets of $4.6 billion, 38 branches and more than 327,000 members.


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