First Tech FCU (San Jose, CA) and Digital FCU (Marlborough, MA) announced their intent to combine through a merger of equals for the benefit of members, employees, and communities.
Following completion of the merger, which is subject to approval from the National Credit Union Administration (NCUA) and First Tech’s membership, the new entity will emerge as a $28.7 billion credit union serving nearly 2 million members, with more than 50 branches in eight states. First Tech CEO Greg Mitchell will remain with First Tech through the integration, and Digital FCU (or DCU) CEO Shruti Miyashiro will become CEO of the newly combined credit union.
Miyashiro will be rejoining the California credit union family, prepared to take on new opportunities and challenges. Before departing California for Massachusetts in 2022, Miyashiro made her mark on Orange County’s CU as president and CEO from 2007 – 2022, exhibiting 14 years of strong leadership. She has held several leadership positions at credit unions, including CEO of Pasadena FCU from 2004 – 2007, with a total of nearly 30 years of experience in the industry.
In recognition of the strong and proud histories of First Tech and DCU, employees and members of these organizations will work together to develop a brand experience that honors both entities’ roots with a future-forward vision. Upon completion of the proposed integration, the combined organization will operate under the DCU charter and the First Tech name.
“Greg’s vision and dedication have been instrumental in First Tech’s success, as he has built a remarkable legacy of service for his credit union’s members,” said Scott Simpson, president and CEO of the California and Nevada Credit Union Leagues. “We are deeply grateful for his countless contributions and look forward to his leadership during First Tech’s transition.”
Mitchell said uniting the capabilities of the nation’s two leading technology-forward credit unions will allow First Tech to innovate and push the boundaries to deliver more elevated experiences by making material investments in products and services to meet the needs of its growing membership. “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,” he added.
The proposed combination, which is expected to be completed in 2025, has the unanimous approval of both the First Tech FCU and DCU boards of directors and their respective leadership teams. Members will experience no immediate changes, as the two organizations will operate independently as First Tech and DCU until systems and processes are integrated and operational.
“We are thrilled to congratulate Shruti on her new role,” Simpson said. “With a history in the California credit union movement for so many years, Shruti is a proven leader with a deep understanding of our industry and a passion for credit unions and their members. We are confident she will build on the accomplishments of these two successful organizations, spearheading extraordinary progress in the years to come.”
Miyashiro said DCU and First Tech both have a shared origin — each created to serve the financial needs of technology employees, their families, and digitally savvy members across the country. “The transformative power of this merger of equals will unlock enormous potential to deliver value and opportunity for the people who matter most — our members, our employees, and the communities we serve,” she added.
About First Tech FCU
First Tech Federal Credit Union is a nearly $17 billion institution headquartered in San Jose, California. The nation’s premier credit union serves the world’s leading technology-oriented companies and their employees, including HP Inc., Hewlett Packard Enterprise, Microsoft, Agilent, Intel, Cisco, Amazon, Nike, Intuit, Google, and more. First Tech is recognized as the industry catalyst for delivering effortless banking experiences to more than 660,000 members through its 34 branch locations, more than 5,600 CO-OP Shared Branch locations, 30,000 CO-OP Network ATMs, and online platforms. First Tech offers a full range of financial services, including traditional banking, online banking, mortgages, financial planning, various consumer loans, and insurance services. Federally insured by NCUA. Equal Housing Lender. For more information, visit www.firsttechfed.com.
About Digital FCU
DCU is a $12 billion financial cooperative headquartered in Marlborough, Massachusetts. Established in 1979 as the credit union for the employees of Digital Equipment Corporation (DEC) and their families, today DCU serves over 1.1 million members across all 50 states and Puerto Rico. DCU has a proud legacy of serving many members who are newer to banking, including young-adults, historically underserved, or new arrivals to the U.S. banking system. DCU’s member-centric mission and commitment to digital innovation informs how products, solutions and services are created to provide a remarkable experience to support members’ financial goals. With 23 branch locations and 35 ATMs across Massachusetts and New Hampshire, members have additional access to DCU’s award-winning digital banking platform and mobile app as well as more than 5,600 branches in a shared CO-OP network, plus over 30,000 surcharge-free ATMs nationwide. Federally insured by NCUA. Equal Housing Lender. For additional information, visit www.dcu.org.
