A message from Greg Mitchell: First Tech remains strong and secure
I am writing today in response to the sudden closure of Silicon Valley Bank (“SVB”) and to provide you with an added level of assurance regarding the strength of our credit union and our capacity to preserve and protect your funds at First Tech. We have close friends and associates at SVB, and at firms served by SVB, and those SVB customers that may experience a short-term disruption in their banking services.
Strength and Stability:
- For more than 70 years, First Tech has served as a beacon of safety, stability and service by investing in the financial well-being of members like you while also protecting your trust and funds through the application of strong risk management practices.
- First Tech is the nation’s eighth largest credit union with assets of $16.7 billion.
- First Tech is very well-capitalized with more than $1.4 billion in equity. This capital, combined with more than $2.0 billion of available liquidity, serves to protect our members while providing First Tech with the capacity to absorb severe shocks in U.S. or global markets.
- As a result of our member-owned structure, First Tech maintains some of the most attractive share rates in the nation. This benefit permits us to maintain a highly diversified funding base that serves to insulate from significant liquidity challenges like those facing SVB.
- All First Tech members have their first $250,000 in deposits fully insured by the National Credit Union Administration (NCUA). Additional coverage is available, and many of our members enjoy substantially higher coverage levels through multiple account owners or trusts with beneficiaries.
Take comfort in knowing that First Tech is strong, secure and growing for you and your family for generations to come. As a community of members/owners united in service to each other, we will continue to build and secure a strong future for America’s most admired credit union.
President and CEO
First Tech Federal Credit Union