The head of the new $4.7 billion First Tech Federal CreditUnion, Benson Porter, cautioned Thursday against credit unionselsewhere using the California/Oregon mega-merger as an exacttemplate or business model.

|

"This merger of ours is really unique as a merger of equals andit's not always easy to put together a consolidation with twodifferent cultures or business strategies but with us it has workedwell," Porter said, commenting on the final membership vote takenlast week on the Jan. 1 startup of the Oregon/California CU.

|

With offices in suburban Portland and in Palo Alto, Calif. andwith 380,000 members in eight states, First Tech FCU is makingplans for a January rollout of its new brand as the two CUs, FirstTech and Addison Avenue FCU, are combined.

|

"One thing I can say is that I guess we're really pleased at thehigh approval rating we did receive--80% of 11,590 members of FirstTech," said Porter, who is president/CEO of Addison Avenue.

|

Apart from both CUs serving a high tech clientele and multipleSEGs, Porter noted also as a point of commonality that both FirstTech and Addison shared the same operation platform which will easethe transition during 2011.

|

Recalling his own experience as a former executive with the nowmerged Washington Mutual Savings Bank of Seattle, a Chase entity,Porter said there are any number of pitfalls in executing a merger"and when there are two divergent cultures or goals" or managementfriction, "you can have a mess."

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.