[Federal Register Volume 60, Number 15 (Tuesday, January 24, 1995)]
[Notices]
[Pages 4640-4641]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-1582]
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NATIONAL CREDIT UNION ADMINISTRATION
Pacific Technology Federal Credit Union; Public Hearing
AGENCY: National Credit Union Administration (NCUA).
ACTION: Notice of public hearing.
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SUMMARY: The NCUA Board is holding a public hearing to seek testimony
on the proposed merger of Patelco Credit Union of San Francisco into
First Technology Federal Credit Union of Beaverton, Oregon.
FOR FURTHER INFORMATION CONTACT:
Becky Baker, Secretary of the Board, National Credit Union
Administration, 1775 Duke Street, Alexandria, Virginia 22314-3428,
(703) 518-6304. Submit written statements or requests to present oral
testimony either by mail at this address or by FAX at (703) 518-6319.
SUPPLEMENTARY INFORMATION: An application has been filed with the NCUA
Board by Patelco Credit Union, a federally-insured credit union
chartered by the state of California with assets of $953 million, to
merge into First Technology Federal Credit Union, a federally chartered
credit union with assets of $258 million. The resultant continuing
credit union will be a federally chartered credit union named Pacific
Technology Federal Credit Union with its main office in Bellevue,
Washington, two branch offices in Washington, five in Oregon and 34 in
California.
The Board must review the merger in accordance with the standards
set forth in Section 205(c) of the Federal Credit Union Act. 12 U.S.C.
1785(c). In addition, section 120(a) of the Federal Credit Union Act
charges the Board with the responsibility to prescribe rules and
regulations affecting mergers. 12 U.S.C. 1766(a). Further, the Board
has asked the applicants to address questions related to policy issues
raised by mergers of large healthy credit unions.
In order to review the standards and issues as they apply to the
proposed merger, the Board has decided to request public comment and
testimony. While this hearing is of immediate importance to this
particular merger, it has also been suggested that a decision on this
matter has wide-spread implications and is, in fact, an issue of
national scope and importance. Concerns have been raised with respect
to the economic impact the merger would have on other credit unions, as
well as the effect the merger would have on the continued ability of
credit unions to operate as a cooperative movement.
[[Page 4641]] Concerns have also been expressed related to the effects
of consolidating large credit unions and the potential harm such an
unlimited agglomeration of credit union assets could have on the
National Credit Union Share Insurance Fund and the credit union system.
The Board welcomes views and comments on any issues related to this
proposed merger.
Public Hearing
Date: February 14, 1995.
Time: 9 a.m.
Place: Filene Board Room, National Credit Union Administration,
1775 Duke Street, Alexandria, VA 22314.
Public participation: The hearing is open to the public. Members of
the public who wish to make oral statements pertaining to the proposed
merger should contact the Secretary of the Board at the address or fax
telephone number listed above. Oral statements will be limited to five
minutes. Requests to make oral statements must be received by February
3, 1995, and should be accompanied by a brief statement of issues or
subjects to be addressed. Depending on the number of requests, the
Board reserves the right to select witnesses. Every effort will be made
to receive a broad range of views. Written statements, whether in
addition to or in lieu of oral statements, must be filed by submitting
ten (10) copies to the Secretary of the Board and must be received by
February 10, 1995.
Copies of the proposed merging credit union's board resolutions and
the proposed continuing credit union's field of membership are
available for inspection by appointment at NCUA Central Office, Office
of General Counsel Law Library, 1775 Duke Street, Alexandria, VA 22314-
3428 (703-518-6540) and NCUA, Region VI, 2300 Clayton Road, Suite 1350,
Concord, CA 94520 (510-825-6125) or may be purchased from the NCUA FOIA
Officer located at NCUA's Central Office at a cost of $10 per copy.
Written statements submitted prior to the hearing will be available for
inspection at NCUA Central Office, Office of General Counsel Law
Library.
Dated: January 17, 1995.
Becky Baker,
Secretary of the Board.
[FR Doc. 95-1582 Filed 1-23-95; 8:45 am]
BILLING CODE 7535-01-M
