First Tech/Addison Merger Still Awaits Approvals
The nation's biggest proposed merger of First Tech CU of Oregon and Addison Avenue FCU of California, in a $4.6 billion combination, remains on track to receive member and regulatory approval, CU management reported Tuesday.
"The next phase of our communications program is a June voter guide, kind of a refresher to members to explain the merger," said Deborah Colby, vice president of marketing at First Tech of Beaverton whose 165,000 members must approve the merger with Addison as it takes on the federal charter.
Since the March 10 announcement to combine First Tech and Addison Avenue of Palo Alto, management of both CUs, but particularly First Tech, have orchestrated a communications blitz using webinars, blogs and the "town hall" forums to allow members a chance to query management on the CU's future fortunes and structure.
So far the sessions with an estimated 200 participants "have gone very well," said Colby, with some First Tech members voicing worries on a CU blog about loss of autonomy and service under a merger as management seeks to allay concerns.
Colby said the First Tech membership meeting to act on the merger will take place after regulatory approval, which he said they are hopeful will come by July.
Both CUs have a high tech membership with First Tech having a national presence and market penetration in Portland and Seattle. Addison Avenue in the Silicon Valley has a broad California and Northwest footprint. Once approved, First Tech CU, as it will be known, will have 38 branches, 320,000 members nationwide, making it the 15th largest in the U.S.