Digital Federal Credit Union and First Tech Federal Credit Union to merge
Two US-based credit unions, Digital Federal Credit Union (DCU) and First Tech Federal Credit Union, have announced plans to combine through a merger of equals.
DCU plots 2025 merger with First Tech
Founded in 1979 and based in Massachusetts, DCU is a $12 billion financial cooperative that serves employees of Digital Equipment Corporation (DEC) and their families. It claims to support over 1.1 million members across all 50 US states and Puerto Rico.
In contrast, First Tech is a nearly $17 billion institution headquartered in San Jose, California, serving over 600,000 members. It caters to some of the world’s leading tech companies, including Microsoft, Intel and Amazon.
Once the planned merger is finalised in 2025, pending regulatory approvals, the combined entity will become a $28.7 billion credit union serving nearly two million members across more than 50 branches in eight states.
According to a DCU statement, current members of the two companies will experience “no immediate changes” as the two firms “will operate independently…until systems and processes are integrated and operational”.
Once the integration is complete, the merged organisation will operate under the First Tech Federal Credit Union name and DCU’s charter.
DCU President and CEO Shruti Miyashiro will assume the role of president and CEO of the newly merged credit union, while Greg Mitchell, the current president and CEO of First Tech, plans to retire at the end of 2025.
Speaking on the strategic move, Mitchell states: “With shared principles of people helping people, the new organization will also become the single-largest national philanthropic leader in the industry, donating more than $4 million annually to positively impact our local communities.”
