Two credit unions with roots in technology companies are merging.
On Monday, Digital Federal Credit Union in Marlborough, Massachusetts, and
If completed, the new entity will have $28.7 billion of assets and stretch across eight states with more than 50 branches. It will operate under Digital Federal Credit Union’s charter and the First Tech Federal Credit Union name, with headquarters in San Jose.
“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, in a press release.
Miyashiro, who was named one of American Banker’s
The proposed merger “will create a coast-to-coast presence, nearly double our branch network, expand service hours, and provide a technology platform to best serve a growing number of members and their families,” according to a list of FAQs on DCU’s website.
First Tech was founded in 1952 by employees of Hewlett-Packard and Tektronix, which designs test and measurement equipment. Its select employer groups include Microsoft, Intel, Cisco, Amazon, Nike, Intuit and Google.
“Uniting the capabilities … will allow us to innovate and push the boundaries to deliver more elevated experiences by making material investments in products and services,” said Mitchell in a press release.
DCU was formed by computer company Digital Equipment Corporation, or DEC, in 1979. DEC was bought by Compaq in 1998, which was bought by Hewlett-Packard in 2002,
Both credit unions have invested in technology to boost their products and services. For instance, DCU launched a
“Our name helps to attract people working in tech firms, as it shows we’re focused on the tech sector and understand its needs,” said Mike Upton, First Tech’s chief digital and technology officer, in a 2022 interview.
Both credit unions were on American Banker’s lists of top 20 credit unions in 2024