Expected to be completed by Jan. 1, the merger would see DCU, the largest credit union in Central Massachusetts, and First Tech form a $28.7-billion credit union, according to a Tuesday press release from DCU.
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The proposed merger between Digital Federal Credit Union in Marlborough and First Tech Federal Credit Union out of Silicon Valley received regulatory approval from the National Credit Union Administration, a federal agency giving the red or green light to federally insured credit union mergers.
Expected to be completed by Jan. 1, the merger would see DCU, the largest credit union in Central Massachusetts, and First Tech form a $28.7-billion credit union, according to a Tuesday press release from DCU.
“Uniting the nation’s two leading technology-focused credit unions will create a forward-looking, member obsessed, digitally powered financial institution in the United States – a credit union that sets the standard for differentiated value,” DCU President and CEO Shruti Miyashiro said in the release. “The newly combined credit union will accelerate our shared commitment to deliver the very best financial experience designed and delivered by the most talented employees in the industry.”
Miyashiro will become president and CEO of the post-merger credit union. Greg Mitchell, president and CEO of First TechMitchell, will stay on with First Tech until around December.
“We’re thrilled to surpass this history-making milestone and continue our journey of becoming one. This approval from the NCUA is a transformative moment, not just for First Tech and DCU, but for the entire credit union community,” Greg Mitchell, president and CEO of First Tech, said in the release.
The proposal will now move on to a vote by First Tech’s members between the months of October and December, as the merger would mean First Tech will take on DCU’s credit union charter. The results of the vote will be announced at a special membership meeting.
Both credit unions see the merger as a way to provide enhanced technology and digital experiences for what will become a combined 2 million members in addition to increased branch access across more than 50 branches throughout eight states.
Having held $12.91 billion in assets as of March 31, 2025, DCU is the region’s largest credit union, according to data collected by WBJ’s Research Department. The credit union generated a net income of $72.46 million in 2024 with 1.16 million members across 23 locations.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.
