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 planned consolidation is still subject to approval of First Tech members and the Oregon regulator, but once completed, it could signal a new era in mega mergers among CUs crossing state lines as well as charter structure.
"We are very pleased to receive merger approval from the NCUA, an important first step in the approval process," said a joint statement from 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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