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Wednesday, October 27, 2010

A different kind of election porn

Members of the First Tech Credit Union here in the Portland area will have another ballot to fill out pretty soon -- asking them whether they want First Tech to merge with a Palo Alto outfit called Addison Avenue Federal Credit Union. The regulators have apparently said yes to the deal, which the managers of both companies want, and now it's up to the rank and file members of the two institutions First Tech to say yea or nay.

Here's the sales pitch that the First Tech members are getting. You've got to love the presentation of the proposed new CEO, who's down in Palo Alto: He's a "cycling fanatic" who often rides his bike to work! Well, that settles it. Honey, bring me the No. 2 pencil.

CORRECTION! The Addison Avenue members apparently do not get to vote. Credit union mergers are not like other mergers, apparently. Financial institutions get away with murder. So what else is new?

Comments (7)

Kind of reminds me of reading Dilbert.

Questionable Jack, he did not use the word "sustainable" anywhere!

Jack, the clever headline made me laugh and glad to hear you're sharpening that #2. ;-) In all seriousness though, there's nothing rank and file about our members.

As a member-owned credit union, our members have the final say in our proposed merger so we want them to have all the info they need (thanks for linking to the Guide).

As for Benson's introduction, yep, those are always 'fun' to write. Truth is, he really is a huge cycling fanatic but of course we wouldn't expect anybody to make up their mind over that little tidbit. Thanks for the laugh.

Deborah Colby
First Tech Credit Union

Deborah, nice to know that execs from my credit union frequent this blog.

Only a say until the merger.

Addison Ave (formerly HP Employees CU) won't give its members a vote on this merger because they don't have to. Only First Tech is required to hold a vote because the charter is changing.

Frankly the stench from this merger is appalling. Another credit union turning its back on their core membership & heritage in favor of being yet another growth oriented financial institution run by 'professional' managers, same as Unitus or On Point. Check out one of their merger questions:

"Are the execs getting huge bonuses, mansions, yachts, and helicopters as a result of the merger?

No. We’re a not-for-profit credit union, remember?"

What a disingenuous smokescreen. As if being a not-for-profit ever stopped executives from lining their pockets.

And the new name... Ugh.

An unhappy Addision Ave member.

I hear ya, Andrew.

As a Tektronix engineer who joined in 1974, I watched the CU morph into something wholly unrecognizable. Perhaps much of it was necessary because if the CU had followed Tek's fortunes we'd all be banking with BofA by now.

Not wanting to seem too xenophobic, but the idea of the company credit union seemed to make sense. But what the hell do I know -- Bailey Bros. Building & Loan seemed good to me, too.

Ah, the days of Bill, Dave, Jack, and Howard....

Not to mention First Tech's rationale of "We searched for a new president, and couldn't find one, so we're merging with an out of state credit union with worse rates."

- voting NO

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