Oregon’s second-largest credit union announced Wednesday that it plans to merge with a California peer to become one of the 15 largest credit unions in the country.
First Tech Credit Union of Beaverton must first get the approval of state and federal regulators and of its 165,000 members before it can combine with Addison Avenue Federal Credit Union of Palo Alto, Calif.
The combined credit union would be called First Tech Federal Credit Union, and would maintain three corporate offices, in Beaverton, Palo Alto and Rocklin, Calif.
Its regulatory headquarters would be in Palo Alto.
First Tech and Addison Avenue are both employer-based credit unions that draw members from a number of companies and fields, primarily high-tech.
There’s no firm time line for the merger to proceed, but First Tech CEO Tom Sargent said he hopes that it will be complete by the end of this summer.
“It could be April, or it could be October, though,” he said.
The credit unions decided to merge after Sargent announced plans to retire this spring.
“Our board of directors sought a replacement who would lead First Tech with the same integrity, passion and commitment to innovation that Tom has demonstrated at First Tech for 25 years,” Carolyn Strong, board chairwoman, said in a statement. “During our search, we also explored other strategic alternatives, and a partnership with Addison Avenue presented a great opportunity.” [Read story at Portland Business Journals].
Posted by Bruen
at 12:01 AM PST
