The nation's biggest inter-state merger has cleared a major hurdle. TheNCUA has now given approval to the $4.6 billion consolidation of First Tech Credit Union of Beaverton, Ore., and Addison Avenue FCU of Palo Alto, Calif.
The merger, which has been eight months in the process stage and signals perhaps a new era in CU consolidation trends, is still subject to the approval of First Tech members and the Oregon regulator.
"We are very pleased to receive merger approval from the NCUA, an important first step in the approval process," said a joint statement by Benson Porter, Addison Avenue president/CEO and the designated head of the merged entity, and Brooke Van Vleet, First Tech's interim president/CEO.
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