Photo | Courtesy of DCU
Shruti Miyashiro, president and CEO of Digital Federal Credit Union
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DCU credit union plans $29B Silicon Valley merger
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DCU's headquarters in Marlborough
The largest credit union in Central Massachusetts has plans to get even bigger, as Digital Federal Credit Union in Marlborough has announced its intent to merge with First Tech Federal Credit Union, a financial firm based in California’s Silicon Valley.
The proposed merger will create a $28.7-billion credit union with 2 million members across 50 branches in eight states, according to a joint press release issued by the two financial institutions on Monday. The merger is expected to be completed in 2025.
"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," Shruti Miyashiro, president and CEO of DCU and member of the WBJ 2024 Power 100, said in the press release. "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."
FTFCU was founded in 1952 by employees at Hewlett-Packard and Tektronix and has over 30 locations in six states: California, Colorado, Texas, Idaho, Oregon and Washington. FTFCU had $16.74 billion in total assets as of June 30, 2024, according to financial filings with the National Credit Union Administration.
DCU is the largest credit union in Central Massachusetts, according to data provided to the WBJ Research Department, with $12.28 billion in assets as of March 31, 2024 and a 2023 net income of $84 million. DCU has 1.1 million members.
"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," Greg Mitchell, president and CEO of First Tech Federal Credit Union, said in the press release.
Eric Casey is a staff writer at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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