SAN JOSE, Calif.—Members of First Tech FCU have voted in favor of merging with Massachusetts-based Digital Federal Credit Union (DCU), creating a $28.7-billion organizations that will operate in 2026 under the First Tech name.
The merger, which includes millions of dollars in payouts to management at First Tech, is to be effective Jan. 1. The combined CU will have nearly two-million members and 50 branches across eight states. DCU President and CEO Shruti Miyashiro will lead the merged institution.
In a statement, the two CUs said the merger “creates a nationwide financial cooperative that blends the strengths of two industry leaders, delivering expanded access, enhanced digital capabilities, and a member-first approach.”
‘More Than a Milestone’
“This merger of equals is more than a milestone—it’s a launchpad,” Miyashiro said in a statement. “By joining forces, we’re purposefully building something different: a financial partner that designs experiences that are as forward-thinking as the members and communities we serve. The foundation of our future success was laid by (First Tech FCU President and CEO) Greg (Mitchell), whom I want to thank for his leadership and impact on First Tech and on the credit union industry. Greg’s leadership has shown what it means to lead with integrity and serve with heart. Thank you for establishing a legacy that I’m deeply honored to build upon.”
Added Mitchell in a statement, “Today, we begin to realize our shared vision of boundless possibilities in service to more than two million current (and eight million prospective) members serving America’s technology sectors. We share roots with thousands of innovators, dreamers, and doers who seek to build brighter futures for all. We are grateful to the thousands of First Tech employees and members who voted in our election, and I am personally excited to welcome Shruti Miyashiro as my successor effective Jan. 1, 2026. This next step in our journey will deliver great benefits for current and future members, employees and the communities where we live and work. The best is yet to come.”
Payouts to Management
As the CU Daily reported earlier, First Technology said in its disclosure to members there will be no payout of net worth to members, but four of its C-suite executives will receive merger-related financial benefits. President and CEO Greg Mitchell will not be among them, the credit union said, as Mitchell is expected to retire on Dec. 31 upon completion of his employment contract.
More than $2.5 million will be distributed to members of First Tech management if the merger is approved, including:
- CFO Marita Domingo. Domingo is to receive up to $1.365 million in merger-related compensation comprised of a possible bonus or severance payment and the accelerated vestment of any long-term incentive plan bonus.
- Chief Experience Officer Jason Heupel, who will receive up to $1.053 million in merger-related compensation comprised of a possible bonus or severance payment and the accelerated vestment of any long-term incentive plan bonus.
- Chief Marketing Officer Brandon Hunt, who will receive up to $484,000 in merger-related compensation comprised of a possible bonus or severance payment and the accelerated vestment of any long-term incentive plan bonus.
- Chief People and Administrative Officer Monique Little, who will receive up to $875,000 in merger-related compensation comprised of a possible bonus or severance payment and the accelerated vestment of any long-term incentive plan bonus.
Financial Performance
First Technology, which has a significant presence in both California and Oregon, had $29.12 million in net income through Q3, with net worth of 10.06%. Digital FCU reported $78.4 million in net income and had net worth of 9.78% as of the same date.
