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PALO ALTO, Calif. – Steve Lumm says he’s leaving while Addison Avenue Federal Credit Union has grown into one of the most formidable financial players in the industry.

Lumm, 63, recently announced that after nearly 12 years at the helm, he will retire at the end of the year. During his tenure, Addison Avenue went from $480 million in assets to $1.8 billion today. More than 126,000 members now have access to 25 branches in 21 communities. “As proud as I am of Addison Avenue’s financial growth, I am just as pleased that we are now ranked second out of 35 Bay Area credit unions in customer satisfaction,” Lumm said. “I know that our staff and management will continue this dedication to our members’ needs long after my retirement.” Many members are employees at Hewlett-Packard Co., the credit union’s original sponsor. An even larger segment of the field of membership has helped Addison Avenue Financial Partners, the credit union’s investment division, flourish on several levels. Lumm was instrumental in helping the division get its start. Today, it manages $1.7 billion in assets and is considered to be one of the more progressive entities in the credit union industry. In February, Addison Avenue bought Essex National Securities, Inc. an investment services broker/dealer. Lumm said he attributes the credit union’s success to the people and the members and will miss them the most. “The staff deserves a lot of credit for what we’ve been able to accomplish,” said Lumm, who had previously served on the credit union’s supervisory committee and board of directors. “We have a very financially savvy membership through Hewlett-Packard.” For many members, that savvy has come forth in the midst of the downturns and turmoil that have plagued the computer industry, Lumm said. Helping to ease as least some of the pain after layoffs and other unexpected career changes were the investment representatives. “It’s been tough for HP employees so it’s a blessing to be able to help them,” Lumm said. Over the last decade, Addison Avenue’s strengths have partly come from the addition of new products and services especially on the technology side with call centers, online banking and bill payment, Lumm said. A recent incident, however, put the credit union in an unexpected light. In March, Entrust, Inc. filed a patent infringement lawsuit against Addison Avenue on the grounds that the credit union had deployed an authentication solution for its customers, which Entrust considers an infringement on its grid authentication patent. Entrust said it holds a patent on this technology, and the credit union had deployed this technology without license from the company.

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