The First Tech & DCU Merger Has Been Approved!

With the unanimous support of our Boards of Directors and Executive Teams, on Sept. 30, 2024, both organizations officially announced our intent to merge into one entity (Merger). We also received regulatory approval on Sept. 29, 2025, from the National Credit Union Administration (NCUA), the federal agency regulating both entities. On Dec. 8, 2025, First Tech membership approved the merger! 

Now, we’ll begin the process of integrating our two organizations, with an anticipated integration date in late 2026. Until this operational integration, each of First Tech and DCU will continue day-to-day operations as separate divisions of a single legal entity under the assumed business names of First Tech Federal Credit Union and Digital Federal Credit Union with no immediate impact on servicing member accounts or relationships.

 

As part of the process of mergers governed by the NCUA, the members who are adopting the continuing charter must vote to accept it. Over the course of forty-five days, First Tech members had the opportunity to vote if they approved or didn’t approve the merger. On Dec. 8, which was the last day to vote, First Tech members voted in favor of the merger to move forward to integration. 

Each of our credit unions have federal charters to offer financial services in our service areas, and once we merge into one organization, we only need one federal charter to operate. As we finalized our due diligence, leadership determined that DCU’s charter will be the most advantageous charter to retain, with the charter referred to as the “continuing credit union.” As a result, First Tech will assume DCU’s charter with the First Tech name continuing forward, and regulations ask that First Tech members have the opportunity to vote on this change. 

As federal credit unions, First Tech and DCU use the same form of charter required by NCUA regulations, which is a standard document used to form a federal credit union entity, providing fields for name, principal address, and a list of supported Select Employer Groups (SEGs). A complete copy of the actual charter is difficult to provide given that it has been amended so many times over the years to add SEGs. If approved, the combined credit union will use the First Tech name, maintain its principal office in San Jose, California, and combine the SEG lists of each of First Tech and DCU. By combining our SEG lists, the merged credit union will have the opportunity to expand member reach and continue to grow the membership. For comparative purposes, you might find it useful to view the SEG lists published here for First Tech and here for DCU to see the potential extended reach of the combined credit union.

Additionally, the bylaws are being amended to allow for a 13-member Board of Directors, comprised of Board members from both legacy First Tech and legacy DCU, again demonstrating a commitment to bringing these two credit unions together in a merger of equals that respects the talents, expertise, and legacy of both institutions. You can find the bylaws of each credit union under the Resources section above, which describe how each credit union is governed.

We believe that you will find no material difference between the formation or governance documents of either credit union. The choice to adopt DCU’s charter while retaining the First Tech name was made to respect the legacy of each institution and demonstrate a commitment to combine as a merger of equals.

Our merger is focused on delivering long-term value in the form of better rates, expanded services, and enhanced technology rather than short-term promotions. Sweepstakes can be fun, but they often involve complex compliance requirements and don’t align with our mission of reinvesting in member benefits and community impact.

Unlike some mergers where executives receive large severance packages, First Tech and DCU have structured this merger of equals with no payouts to the current First Tech and DCU CEOs. In the First Tech Member Notice, four other top First Tech Executives are listed who could receive anywhere from $0 to their max listed number if they depart or are asked to depart during the merger process. These ranges are calculated taking into account a variety of factors including items such as potential severance, retention bonus, and /or long-term incentive vesting where applicable, each based on each individual leader’s situation. Additionally, our Board is volunteer-led, drawn from our membership, and unpaid. They also will not receive any payout from this merger.

No, there will be no changes. We’re still very early in the merger process, so we don’t expect any change impacts to members until later 2026/2027.

Be alert for suspicious emails, texts, or calls claiming to be from First Tech. We will never ask for your password, PIN, or full account number via email or phone.

• Enable account alerts for unusual activity.
• Use strong passwords and update them regularly.
• Report suspicious activity immediately by calling Member Services.
• If you receive a message that seems off, don’t click links or share personal info—contact us directly.

Our regulator, the National Credit Union Administration (NCUA), approved the Merger to move forward based on an application we submitted in 2024. With their approval, we are moving forward with a vote of the First Tech membership to fully approve of the merger with Digital Federal Credit Union (DCU).

Both DCU and First Tech are federally insured credit unions through the National Credit Union Share Insurance Fund (NCUSIF). Until complete integration in later 2026/2027, there will be no changes to the share insurance coverage of First Tech or DCU member share accounts. Once the credit unions have integrated, each member of the combined credit union will have up to $250,000 in share insurance coverage across all accounts through the NCUSIF.  This means that for individuals who hold memberships and accounts at both First Tech and DCU prior to the close of the Merger, their accounts will be held by a single financial institution after the close of the Merger and their total share insurance coverage will be reduced.

Chartered by the NCUA in 1979, and originally created to serve employees of Digital Equipment Corporation, DCU is based in Marlborough, Massachusetts. DCU proudly serves more than 1.1 million members with 23 branches in both New Hampshire and Massachusetts. DCU is the largest credit union in New England and ranks among the top 20 credit unions in the nation as measured by $12 billion in assets. You can learn more about DCU online.

As part of our strategic planning process, the Board of Directors and executive leadership teams continuously monitor economic conditions and look for opportunities in the marketplace for strategic growth. With our shared mission of serving tech employees, and a deep respect for DCU's decades-long legacy of serving members in New England, it's opportunistic to join together to thoughtfully accelerate delivering on our mission.

There are many benefits of this merger! First Tech and DCU are two of the strongest credit unions in the country, and the combined organization will continue to have very strong capital and loan-to-deposit ratios, ensuring members’ savings are safe and secure. The new organization will be a powerhouse with the scale and resources to create even greater impact through the annual reinvestment into research and development, accelerating and simplifying technology, transforming digital experiences and efforts to sustain our long-term relevancy. We’ll have an expanded presence which almost doubles our branch network, extending service hours and providing a broad platform to serve a growing number of members and their families.

This is a merger of like-minded organizations for the mutual benefit of our members, employees and communities. Our credit unions have a shared origin, each created to serve the financial needs of technology employees and their families through reinvestment and innovation. While First Tech is larger in asset size at $17B, DCU brings more than 1.1 million new members to the organization, creating vast opportunities for innovation and growth. The new organization will have about $28.7B in assets, one of the largest credit unions in the country, serving more than two million members with 54 branches in eight states. The Merger will bring together the best of both credit unions.

Yes, that’s what makes uniting the two organizations such a strategic value position! Both institutions are well capitalized, far exceeding regulatory standards, have strong liquidity and maintain a balanced loan-to-deposit ratio. These factors, in addition to operating in a safe and sound manner, set the stage for a very strong combined entity—one that will have the resources and scale to deliver value to our membership for years to come.

Yes, we do! DCU was also founded on the premise of people helping people, with employees coming to work every day to make a difference in the lives of members by doing the right thing and acting with integrity—much the same way First Tech shows up as engaged, dynamic and genuine. DCU is also deeply committed to the community, also donating more than $2 million annually, and shares our goal of fostering a brighter, more equitable future in the communities where we live and work.

The name of the combined credit union will be First Technology Federal Credit Union, or First Tech for short. After researching affinity for our brands in our regions and nationwide, both respected brands had strong brand awareness. Leadership jointly determined that retaining the First Tech brand name, and the federal charter of DCU offers the greatest possibilities going forward. Prior to uniting under the First Tech name in 2026, both organizations will engage members and employees in collaboration to define a shared brand experience that reflects and celebrates the culture and heritage of both credit unions.

Leadership teams continue to partner very well on mutual decisions to ensure the best interests of both organizations and their respective membership. The only organizational decision made to date is that current DCU President and CEO Shruti Miyashiro will become CEO of the newly combined credit union, uniting employees, and members under the DCU charter and First Tech Federal Credit Union name. First Tech President and CEO Greg Mitchell is expected to retire on, or shortly after, the close of the Merger.

Shruti has a deeply rooted passion for strategic thinking and building long-term, sustainable business models focused on delivering transformative value for members, employees, and communities. For more than two decades as an executive leader in the financial services industry, she has led complex businesses in fast-paced environments with an authentic leadership style that prioritizes culture, service excellence, member-centric focus, and innovation. Under her leadership, DCU has been regularly recognized with multiple awards, including “America’s Best Credit Union in Massachusetts” by Forbes, “Best for Small Deposits” by Newsweek, and “Best Credit Unions” in USA Today. Since 2003, Shruti has served on a number of community, non-profit, professional, and corporate boards, including as a current board member for Jack Henry, an S&P 500 technology company.

The combined organization will maintain corporate offices on both coasts, with the headquarters remaining in San Jose, CA. This is very similar to the way First Tech operates today as our formal charter is based in San Jose. Members will also have access to 54 branches across the country. Advances in technology have made it easier than ever to conduct business from multiple locations, plus we’ll have extended member service hours due to time differences.

Yes. Addison Avenue Investment Services will continue as the full-service financial planning and investment services provider for our expanded First Tech membership. In addition, First Tech Insurance Services, our independent insurance agency through our wholly owned subsidiary, will continue as well. Both organizations have received national recognition as leaders in the industry and we’re proud to continue offering these services to our expanded membership.

There are no changes to your accounts with First Tech, Addison Avenue, or First Tech Insurance Services right now. In the months to come, an integration team will make operational decisions to ensure any potential changes result in stronger benefits or enhanced features for you. So that’s good news! At the earliest, any potential change will happen in late 2026 when our operations come together as one combined company. When that time comes, of course our teams will help members and clients through any transition.

That’s fabulous news! You’ll continue with your accounts at First Tech and DCU as you do today. As we integrate in late 2026/2027, we’ll reach out and provide you more information on how we’ll support you through any change impacts during this transition..

It is one of the largest mergers for any credit union and another example of our spirit of innovative partnerships. Yet it’s a very complementary fit for both organizations’ membership. We serve a similar membership, but in different parts of the country. That means we’ll be better able to serve our Select Employer Groups (SEGs) and members across the globe with an expanded branch network and call center hours, not to mention enhanced products and services. The good news is that you’ll still meet the same friendly employees at your local branch, but with expanded resources. Most importantly, we have a way of doing the right thing for our members. That’s the credit union difference, and it’s here to stay.

As we make our way through the integration process, all decisions will carefully consider any impact on employees and will be shared in a transparent and timely manner. At this early stage, there are always more questions than answers, which can be difficult. Our employees are extraordinary, and the intent is to help them through the transition, providing understanding, development opportunities and career growth well into the future.

Most certainly! As a matter of fact, once combined, the new organization will become the single-largest national philanthropic credit union leader in the country, donating more than $4 million to nonprofits each year. We’ll continue to support children’s health, STEM education and fundamental needs in our communities.

We will keep FirstTechFed.com/merger updated with more information about DCU, the merger process—including your membership vote—and timelines. This page will be updated regularly, and you can also expect to receive emails from First Tech about the upcoming member vote. It’s an exciting time for your credit union, so thank you for your support! Of course, if you have any questions, please send an email merger@firsttechfed.com.