Our financial condition

There is no debating that we’re in a challenging economic environment. In these times of financial uncertainty, there has been a great deal of media coverage about financial institutions and their stability. We wanted to take a moment to assure you that your credit union is financially strong and well capitalized.

Our capital ratio is, and always has been, well over the National Credit Union Association’s (NCUA) definition for well capitalized, meaning we have the funds to support long-term future growth.

As a member-owned institution, we’re committed to managing our members’ funds wisely. As we always have been, First Tech is vigilant about reviewing our lending practices to ensure we’re making sound lending decisions and maintaining a well-balanced portfolio. It’s also why First Tech never originated “sub-prime” or “ALT-A” loans. These types of loans are risky lending propositions, as has come to light over the last several months.

We’re also constantly evaluating our business practices and operations to ensure First Tech remains a safe and sound institution. As a NCUA insured credit union, we are reviewed annually. As has been the case for several years, we received high marks on our September 2007 NCUA review in all areas including: capital adequacy, asset quality, management expertise, earnings strength, and liquidity.

Additionally, Orth, Chakler, Murnane and Company (OCM) audits us annually. Their last audit found First Tech to be in full compliance with Generally Accepted Accounting Principals (GAAP) and that our financial statements fairly and accurately represented our financial condition. We invite you to review our annual reports at anytime (see below) or you can also track our progress quarterly by visiting ncua.gov, clicking on the “Credit Union Data” link, and entering “First Tech.” The NCUA site provides First Tech financial reports back to June of 1990.

First Tech Financial Reports
Annual Report 2007
Annual Report 2006
Annual Report 2005

How are credit unions regulated?
The National Credit Union Administration, NCUA, is the federal government agency that oversees the safety and soundness of the credit unions they insure. The NCUA also operates the National Credit Union Share Insurance Fund (NCUSIF) which protects you against losses if a federally insured credit union should fail. The NCUSIF is the credit union version of the FDIC.