The new First Tech

Right now, we’ve simply announced our intent to merge with Addison Avenue. We still need to receive regulatory approval, and First Tech members will ultimately vote to approve the merger. Because we’re still in the regulatory approval stage, there are many details yet to work out. However, we’ve received many questions about what the “new First Tech” would look like so here’s a brief glimpse.

The combined institution would operate as First Tech Federal Credit Union with 38 branches primarily located in Oregon, Washington and California, and a few other states and Puerto Rico. We would maintain corporate offices in three locations: Beaverton, Oregon; Palo Alto, California and Rocklin, CA, with both executive and support staff in all three locations just as we do today. Because we would adopt Addison Avenue’s federal membership charter, headquarters would officially be listed as Palo Alto, California for regulatory and reporting purposes, but we’ll maintain corporate offices in all three locations.

Benson Porter, Addison Avenue’s current President and CEO would become President and CEO of the combined institution. Benson has more than 20 years of executive leadership experience in the financial services industry, part of which was spent working right here in the Northwest. Prior to his role as President and CEO of Addison Avenue, he served as a member of the executive committee of a $350 billion financial institution where he had enterprise-wide responsibility for a variety of operational, production, customer service, regulatory and external relations areas.

Will account numbers, products, services, fees or systems change?
Because we’re still in the process of seeking regulatory and member approvals, many of these details are still being discussed. First Tech and Addison Avenue share many operational commonalities. Rest assured, we’re committed to adding value to your membership, not take it away. We’ll carefully evaluate both institutions’ products, services, fees and systems to ensure we offer you maximum value and make the transition as seamless as possible for you. For now, your account numbers remain the same, and please keep using the same checks and deposits slips you have today. If changes are required, we’ll give you plenty of advance notice.

What if I have accounts at both credit unions?
If approved, we’ll make plans to convert accounts onto one credit union system. The number of accounts you currently have would remain the same unless you chose to consolidate them for ease of use. We don’t have specifics for you at this time as we’re in the midst of regulatory approval. Please know that we’ll give you plenty of advance notice of any changes.