A Message from our President and CEO: 2013 Year in Review
Thank you for your continued membership and support of First Tech! I'm pleased to provide
you with a high level review of First Tech’s 2013 performance in meeting member
needs, serving our communities and delivering strong and sustainable financial performance.
In 2013, we welcomed 28 new employer partners and 30,000 new members. Our community
now includes over 1,100 partner companies and 368,000 members originating from all
50 states and 21 nation's countries. That makes us one of the largest and most
diverse membership communities.
Speaking of community, in 2013 we contributed over 11,000 volunteer hours and reinvested
$1.2 billion back into the communities in which we live and work. Our primary philanthropy
focus was science, technology, engineering and math literacy to help develop our
next generation of innovative leaders.
Our Financial Performance
First Tech generated $900 million in asset growth, moving us from the 12th to the
10th largest credit union in the nation with assets of $6.5 billion. We generated
more than $2.5 million in new loans to members while generating record income of $90.3 million,
for a 1.53% return on average assets. Strong earnings resulted in an even stronger
PCA ratio to 9.6%, which far exceeds current regulatory requirements. Bottom line:
your credit union is strong, growing and well-equipped to meet your needs. For all
the financial details, watch this short video update from our Chief Financial
Officer, Hank Sigmon.
As a not-for-profit, member-owned credit union, we reinvest our earnings back into
our credit union to add more value for you. Last year we invested more than $7 million
in our systems, products, infrastructure and people to deliver you an enhanced experience
in 2013 and beyond. Learn more from
our Chief Retail and Marketing Officer, Stephen Owen.
As your financial partner, we think it’s important for you to know the value of
your membership. We’ve always believed that First Tech offers you a level of value
that you simply cannot get from leading banks. Last fall we decided it was time
to prove it.
We compared our rates and fees with comparable account rates and fees from leading
banks across our primary market areas, and the results are in!
In 2013, First Tech membership saved you and your fellow
That’s an average of $532 per member! During the first week of March, we’ll
send most members a personalized Annual Membership Savings Report showing how much
of that savings was yours.
We’re proud of our 2013 achievements, yet we recognize that we must work continually
to earn and maintain your trust while building First Tech into an innovative and
admired institution that consistently exceeds your expectations.
Thank you once again for your passionate support, patience and guidance. As always,
I welcome your calls and feedback about how we can enhance your experience with
us. You can reach me at Greg.Mitchell@firsttechfed.com.
The best is yet to come!
President and CEO