Customer service 00 1 503-644-4034 Number of employees 1,350 (2017) Type of business Credit union | Number of locations 40 Founded 14 January 1952 | |
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Industry Tech industry
Oregon State Employees
and other regional sponsor companies Key people Greg Mitchell (President/CEO) Services Checking accounts, savings accounts, mortgages, loans, credit cards, home equity lines of credit, investment services, insurance services, tax services Net income US$90,603,000 (2013)
US$62,801,000 (2012) Total assets US$7,954,472,600 (2015)
US$6,533,403,000 (2013)
US$5,614,248,000 (2012) Total equity US$666,884,000 (2013)
US$609,405,000 (2012) Headquarters Palo Alto, California, United States CEO Greg Mitchell (23 Oct 2012–) | ||
First Tech Federal Credit Union (or First Tech) is a federally chartered credit union headquartered in Mountain View, California. It is regulated under the authority of the National Credit Union Administration (NCUA). First Tech has over 465,000 members, and over 10 billion dollars in assets with 40 branches located mostly in high technology business centers of California, Colorado, Oregon, Washington and five other states and Puerto Rico. It was the first financial institution to offer telephone interactive voice response access and online banking.
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History
First Tech began its life as Tektronix Federal Credit Union, formed by seven Tektronix employees on January 14, 1952. In 1961, the name was changed to Tektronix Employees Federal Credit Union to reflect the credit union's membership. From very early on, technical innovation was used and resulted in First Tech's motto of "Think Forward". As early as 1976, the credit union began using computers for online data processing. By 1979, Tektronix Employees Federal Credit Union had begun the use of ATMs. In 1985, the credit union unveiled Call 24 which allowed members to check balances and transfer funds by phone.
In 1986, the name changed to First Technology Credit Union and the membership opened to include employees in the technology industry of the Pacific Northwest. In 1989, First Technology Credit Union developed and implemented the first online banking. This helped lead to the 1992 addition of Microsoft to the First Technology membership. The 1995 launch of the company's website paved the way for the credit union to become the second financial institution in the world to perform secure internet transactions. Two years later, a decision was made to shorten the name to First Tech Credit Union. First Tech has remained an early adopter of new technology in the twenty-first century, offering mobile banking in 2000, account aggregation in 2001, and biometric two-factor authentication in 2007. With over 156,000 members, and over 1.8 billion dollars in assets in 2007, First Tech was one of the largest state chartered credit unions in the Pacific Northwest.
In March 2010, the company announced it would merge with California-based Addison Avenue Federal Credit Union, which served the employees of Hewlett Packard Company, Agilent Technologies, CH2M Hill, and many other technology based companies, pending government and member approval. The deal was approved by the government and credit union members, and became effective on January 1, 2011, with the new entity named First Tech Federal Credit Union.
Desktop, Mobile and Bill-pay conversion
Credit Union Journal reports First Tech announced, in 2014, their decision to replace existing desktop and mobile banking platform while also converting members to a new bill payments provider.
In October 2015, the Credit Union implemented initial changes to their online and ebilling system and began converting members. The transition incrementally converts groups of members to the new platform over an extended period to ensure minimal disruption. CEO Greg Mitchell addresses members' challenges in an email to the Credit Union's members on 3/8/2016.
Products
Besides standard banking services, First Tech also offers investment, insurance, and tax services to its members, including free bill payment service, an account aggregation service, and online access to check images. Union designated routing transit number is 321180379.