|[January 28, 2013]
First Tech Federal Credit Union Posts Record 2012 Financial Performance
MOUNTAIN VIEW, Calif. --(Business Wire)--
First Tech Federal Credit Union, the nation's leading credit union
serving employees and family members of America's technology sector,
reported 2012 net income of $62.8 million (1.15 percent return on
assets), representing a 51 percent increase over earnings for the period
ending December 31, 2011. During the comparable period, total assets
rose 9.3 percent to $5.6 billion, with total loans rising by 15.6
percent to $3.3 billion. As of year-end 2012, First Tech remains the
nation's 12th largest credit union serving 360,000 members
located throughout the United States. First Tech is "well-capitalized"
with total reserves of $537.2 million, resulting in a PCA Capital Ratio
of 9.57 percent, which compares favorably to the NCUA's
"well-capitalized" standard of 7 percent.
"During 2012, First Tech benefitted from the continuing economic
recovery, strong growth within the U.S. technology sector and an
improving housing market," reported Gregory Mitchll, president and
chief executive officer. "Our strong financial performance is a
testament to the hard work and dedication of our more than 800 employees
who maintain a single-minded focus of delivering an exceptional
experience for our members."
First Tech's 2012 results rank the credit union in the top decile of all
U.S. credit unions based upon loan growth and asset quality and the top
quartile based upon total earnings. As a member-owned cooperative, First
Tech will reinvest its 2012 earnings into the credit union.
"We expect this reinvestment to provide us with the resources needed to
continue delivering competitively-priced share and loan products for our
members while also making significant technology and process investments
that will allow us to better meet the needs of our members and their
families," noted Mitchell.
About First Tech Federal Credit Union
First Tech Federal Credit Union is a $5.6 billion institution
headquartered in Mountain View, Calif. It is the nation's premier credit
union serving the world's leading technology-oriented companies and
their employees, including HP, Microsoft, Agilent, Intel, CISCO, Amazon,
Nike, CH2M Hill, Intuit, Google (News - Alert) and more. First Tech is recognized as
the industry catalyst for delivering effortless banking experiences to
its 360,000 members through its 39 branch locations, more than 4,000
Shared Branch locations, 30,000 CO-OP Network ATMs and 286,000 ATMs
nationwide. First Tech offers a full range of banking services,
including traditional banking, mortgage, financial planning and
insurance services. For more information, visit firsttechfed.com.
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