Combined entity will provide members an unrivaled digital
experience, a coast-to-coast branch network with expanded member
service hours, and access to premier financial products and
advisors.
MARLBOROUGH, Mass. and SAN JOSE, Calif., Sept. 30,
2024 /PRNewswire/ -- Digital Federal Credit
Union (DCU) and First Tech Federal Credit Union (First Tech)
announce 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 two
million members with more than 50 branches in eight states. The
proposed combination, which is expected to be completed in 2025,
has the unanimous approval of both the DCU and the First Tech Board
of Directors and their respective leadership teams.
Members will experience no immediate changes as the two
organizations will operate independently as DCU and First Tech
until systems and processes are integrated and operational. Upon
completion of the integration, the combined organization will
operate under DCU's charter and the First Tech Federal Credit Union
name. In recognition of the strong and proud histories of both DCU
and First Tech, employees and members of both organizations will
work together to develop a brand experience that honors both
entities' roots with a future-forward vision. First Tech President
and CEO Greg Mitchell will remain
with First Tech through the integration. DCU President and CEO
Shruti Miyashiro will become
President and CEO of the newly combined credit union.
"Our credit unions have a shared origin—each created to serve
the financial needs of technology employees, their families and
digitally savvy members across the country," said Shruti Miyashiro, President and CEO of Digital
Federal Credit Union. "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."
"Uniting the capabilities of the nation's two leading
technology-forward credit unions will allow us to innovate and push
the boundaries to deliver more elevated experiences by making
material investments in products and services to meet the needs of
our growing membership," said Greg
Mitchell, President and CEO of First Tech Federal Credit
Union. "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."
More information about the intent to combine into one
organization may be found at DCU.org and Firsttechfed.com.
ABOUT DIGITAL FEDERAL CREDIT UNION
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 dcu.org.
ABOUT FIRST TECH FEDERAL CREDIT UNION
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.
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SOURCE Digital Federal Credit Union/First Tech Federal Credit
Union