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February 19, 1988|James S. Granelli, Times Staff Writer

Cramped for space at the Mission Viejo branch it opened in 1985, the Orange County Teachers Federal Credit Union has started constructing a new office building that will triple its quarters to 9,000 square feet.

The credit union will occupy the ground floor of the three-story building, which is expected to be completed by Oct. 1.

The structure, on Marguerite Parkway, also will house the Nelson/Von der Ahe Development Co., which is a joint venture partner with the credit union on the project.

The development firm, overseeing construction of the building, will move its headquarters into part of the third floor, and the partnership will lease the remaining space to outside firms.

With 60,000 members and $530 million in assets, the 54-year-old teachers credit union is the largest one in the county, the sixth largest in the state and the 17th largest in the nation. It also has branches in Westminster, Placentia and Santa Ana, where it is headquartered.

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