The nation's largest merger a $4.7 billion combination of Addison Avenue Federal Credit Union of Palo Alto Calif. and First Tech CU of Beaverton, Ore. has won final approval of First Tech members, it was announced Friday.
The climax of a favorable member vote has long been awaited in the merger deliberations begun more than a year ago.
Under the pact, the two CUs will legally become First Tech FCU on Jan. 1. Benson Porter, Addison Avenue's current President and CEO, will continue in the same post of the combined credit union.
The Addison Avenue and First Tech Boards both unanimously agreed to the merger earlier this year. Final merger approval was subject to both regulatory and First Tech member approval. The NCUA and State of Oregon both approved the merger in October. Results of the First Tech member vote were announced at a special membership meeting Thursday.
The combined institution will 38 branches across eight states and Puerto Rico, have approximately 800 employees, and continue to serve large blue chip firms including Hewlett-Packard, Microsoft, Agilent Technologies, Intel, Cisco, & Nike.
"Both credit unions will continue to operate under their current names until account, service and system integration is complete in June 2011," they said in a statement. The credit union will launch a combined website in January to introduce the new brand and keep members informed as integration activities progress.