MARLBOROUGH, Mass./SAN JOSE, Calif.–The National Credit Union Administration (NCUA) has given its regulatory approval to one of the largest credit union mergers in history, which would create an institution of $28 billion and stretch from coast to coast.
Seeking to combine are the $12 billion Digital Federal Credit Union (DCU) in Massachusetts and the $17 billion First Tech FCU in California and Oregon.
The next step is approval of the merger by First Tech members, as the combined credit union will adopt DCU’s credit union charter. The member vote will be administered from October to December by a third-party vendor in accordance with First Tech’s bylaws, the two credit unions said.
First Tech will also hold a special membership meeting to disclose the results.
Following the anticipated approval of the member vote, the two organizations will complete a legal merger on Jan. 1, 2026, while continuing to operate as DCU and First Tech pending completion of integration efforts.
‘Exceptional Value’
“The new credit union will deliver exceptional value to its collective membership by uniting the strength and stability of two of the nation’s most trusted financial institutions,” the credit unions said in a statement. “The combined organization will build on a history of innovation through investments in research and development to enhance technology and transform digital experiences while ensuring seamless service for members wherever they are. Members will also benefit from expanded access to a coast-to-coast branch network, extended service hours, premier financial products, and a dedicated technology-enabled member service team ready to meet their needs now and into the future.”
DCU and First Tech added in their statement that the new entity will offer employees “enriched opportunities for career development, supported by comprehensive benefits and a thriving workplace culture. The organization will also remain deeply committed to community impact and will emerge as a national philanthropic leader in the industry, supporting programs that uplift and empower children’s well-being, access to technology, and STEM education.”
‘Forward-Looking’
“Uniting the nation’s two leading technology-focused credit unions will create a forward-looking, member-obsessed, digitally powered financial institution in the United States – a credit union that sets the standard for differentiated value,” Shruti Miyashiro, president and CEO of Digital FCU, said in a statement. “The newly combined credit union will accelerate our shared commitment to deliver the very best financial experience designed and delivered by the most talented employees in the industry.”
Added First Tech President and CEO Greg Mitchell in a statement, “We’re thrilled to surpass this history-making milestone and continue our journey of becoming one. This approval from the NCUA is a transformative moment, not just for First Tech and DCU, but for the entire credit union community. Together, we’re uniting two strong technology-focused institutions to shape the future of financial services to better serve our members, employees and communities for generations to come.”
The Data Points
Following the completion of the merger, the new entity will become a $28 billion credit union serving nearly 2 million members with more than 50 branches across eight states, the credit unions said.
The combined organization will operate as First Tech Federal Credit Union. DCU President and CEO Shruti Miyashiro will become president and CEO of the newly combined credit union, while First Tech’s Mitchell will remain with First Tech through his planned retirement around December 2025.
