First Tech/Addison Merger Gets Oregon OK
The $4.6 billion merger deal of First Tech Credit Union of Beaverton, Ore., and Addison Avenue FCU of Palo Alto, Calif., has now won approval of the Oregon regulator with a First Tech member vote set for November.
Final results from the voting are expected in early December, said a statement issued over the weekend.
"First Tech members will receive a Voter's Guide with information about the merger during the last week of October," the statement said. "One week later, they will receive an Official Ballot Packet. From that point, they will have 30 days to vote."
The First Tech vote is required, the two CUs explained, "because First Tech would change from a state to a federal charter in the proposed merger."
The approval of the merger late last week by David Tatman, Oregon Administrator of CUs, follows on the heels of NCUA's blessing which came after eight months of scrutiny. The Oregon OK represents "an important milestone in the approval process," said Benson Porter, Addison Avenue president/CEO, who will become head of the combined organization.
The two CUs now "look forward to finalizing the merger," he said.
Joining Porter in the Oregon regulator statement was Brooke Van Fleet, First Tech's interim president/CEO, who said the consolidation will offer "more value for our combined membership, greater efficiencies and the strength to grow and prosper in the 21st century."
Both CUs, it was noted, "are independently strong, well-capitalized institutions that are recognized leaders in innovative financial services delivery to the high-tech sector."
Listed among those firms served by the two CUs in California, Oregon, Washington state and elsewhere are Hewlett Packard, Microsoft, Agilent, Intel, CH2M HILL and Nike. Once merged the CU will have 38 branches and more than 327,000 members nationwide.