In an unforeseen management shift, Benson Porter, president/CEO of the $5 billion First Tech Federal Credit Union of Palo Alto, Calif., will be taking over the $9.7 billion BECU of Tukwila, Wash., next April, succeeding retiring CEO Gary Oakland.
Retirements, promotions in and around credit unions in the year now past.
Management switch at two large West Coast credit unions drew tributes and messages of support from NASCUS.
Benson Porter said the chance to return to his native Seattle was a major factor in his decision to leave First Tech.
First Technology Credit Union CEO Benson Porter in California and Oregon has been named president/CEO of $9.7 billion BECU in Washington state.
By most accounts, 2010 should have been a barn burner in the number of credit union mergers, based on rising assessments, the corporate crisis and a bad economy hitting a large part of the country.
The head of the new $4.7 billion First Tech Federal Credit Union, Benson Porter, cautioned Thursday against credit unions elsewhere using the California/Oregon mega-merger as an exact template or business model.
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.
Ending a processing period that lasted eight months, the NCUA has approved the nation's biggest interstate merger, the $4.6 billion consolidation of First Tech Credit Union, Beaverton, Ore., and Addison Avenue FCU of Palo Alto, Calif.
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.