Vote for the First Tech & DCU Merger

With the unanimous support of our Boards of Directors and Executive Teams, on Sept. 30, 2024, both organizations officially announced our intent to merge into one entity (Merger). We also received regulatory approval on Sept. 29, 2025, from the National Credit Union Administration (NCUA), the federal agency regulating both entities. We will now turn to First Tech’s members for a final vote to approve the merger with DCU.

After a positive vote from our membership and close of the Merger, we’ll begin the process of integrating our two organizations, with an anticipated integration date in late 2026. Until this operational integration, each of First Tech and DCU will continue day-to-day operations as separate divisions of a single legal entity under the assumed business names of First Tech Federal Credit Union and Digital Federal Credit Union with no immediate impact on servicing member accounts or relationships.

 

Each of our credit unions have federal charters to offer financial services in our service areas, and once we merge into one organization, we only need one federal charter to operate. As we finalized our due diligence, leadership determined that DCU’s charter will be the most advantageous charter to retain, with the charter referred to as the “continuing credit union.” As a result, First Tech will assume DCU’s charter with the First Tech name continuing forward, and regulations ask that First Tech members have the opportunity to vote on this change. 

As federal credit unions, First Tech and DCU use the same form of charter required by NCUA regulations, which is a standard document used to form a federal credit union entity, providing fields for name, principal address, and a list of supported Select Employer Groups (SEGs). A complete copy of the actual charter is difficult to provide given that it has been amended so many times over the years to add SEGs. If approved, the combined credit union will use the First Tech name, maintain its principal office in San Jose, California, and combine the SEG lists of each of First Tech and DCU. By combining our SEG lists, the merged credit union will have the opportunity to expand member reach and continue to grow the membership. For comparative purposes, you might find it useful to view the SEG lists published here for First Tech and here for DCU to see the potential extended reach of the combined credit union.

Additionally, the bylaws are being amended to allow for a 13-member Board of Directors, comprised of Board members from both legacy First Tech and legacy DCU, again demonstrating a commitment to bringing these two credit unions together in a merger of equals that respects the talents, expertise, and legacy of both institutions. You can find the bylaws of each credit union under the Resources section above, which describe how each credit union is governed.

We believe that you will find no material difference between the formation or governance documents of either credit union. The choice to adopt DCU’s charter while retaining the First Tech name was made to respect the legacy of each institution and demonstrate a commitment to combine as a merger of equals.

Our merger is focused on delivering long-term value in the form of better rates, expanded services, and enhanced technology rather than short-term promotions. Sweepstakes can be fun, but they often involve complex compliance requirements and don’t align with our mission of reinvesting in member benefits and community impact.

Unlike some mergers where executives receive large severance packages, First Tech and DCU have structured this merger of equals with no payouts to the current First Tech and DCU CEOs. In the First Tech Member Notice, four other top First Tech Executives are listed who could receive anywhere from $0 to their max listed number if they depart or are asked to depart during the merger process. These ranges are calculated taking into account a variety of factors including items such as potential severance, retention bonus, and /or long-term incentive vesting where applicable, each based on each individual leader’s situation. Additionally, our Board is volunteer-led, drawn from our membership, and unpaid. They also will not receive any payout from this merger.

If you were a member of First Tech as of Sept. 15, 2025, you’ll receive a mailed or emailed notice and ballot, depending on your mailing preferences, within the next few weeks. Emails and mails will begin to go out to members starting Oct. 21.

Thank you for always keeping an eye out for potential fraud! Emailed ballots will come from CUBallot for First Tech Federal Credit Union or no-reply@cuballot.com. It is not a phishing attempt.

CUBallot is a trusted vendor who regularly conducts credit union votes for mergers. They are reliable, trusted and conduct the vote from an unbiased third-party perspective.

The best way to vote online is via a computer. If you’re trying to vote via your phone, you’ll need to zoom out on the login site to be able to enter your credentials to vote.

If you have multiple share accounts like a trust or business account, you’ll receive a ballot for each of your share accounts. You can vote with as many ballots as you receive. 

The voting period will begin October 21, 2025, and will end with our Special Membership Meeting on Monday, Dec. 8, 2025 at 4:30pm PT. You can attend the Special Membership Meeting in-person at our Hillsboro Corporate office at 5100 NE Dawson Creek Dr, Hillsboro, OR 97124 by registering here. If you can’t make it in person, you can join the livestream of the meeting by registering here. 

The Special Membership Meeting will be a forum for you to hear about the merger, ask questions and the last change to cast your vote. You can attend the Special Membership Meeting either in-person at our Hillsboro Corporate office at 5100 NE Dawson Creek Dr, Hillsboro, OR 97124 or via our virtual livestream. Please register via the following links if you want to attend by December 1:

• In-person - Register here 
• Virtual livestream - Register here

You’re invited to join our upcoming Member Town Halls! During these town halls, you’ll have an opportunity to learn about the merger with DCU and next steps. All First Tech members are welcome to attend the upcoming virtual Member Town Halls. There will be two sessions on the following dates:

• Member Town Hall #1 – Thursday, Oct. 30 from 9 – 10am
• Member Town Hall #2 – Wednesday, Nov. 5 from 1 – 2pm

First Tech President & CEO Greg Mitchell and other First Tech executives will be there to answer your questions to ensure you’re making an informed decision with your vote. 

Your voice matters! As a member-owned cooperative, your voice is essential in whether First Tech moves forward with the merger. Combined, we will be a $28 billion credit union that will serve more than 2 million members across 50 states in 93 countries around the world. With this merger, the First Tech name will remain, but we will be adopting DCU’s credit union charter which provides more opportunities for us to serve our members and the 8.4 million other tech employees who have yet to experience First Tech. 

During this vote, existing DCU members won’t vote, which is why it’s so important for First Tech members to decide if we move forward with this merger or not. 

Yes! If you’re a member of First Tech, you’re encouraged to vote.

The vote will take place from October 21 to December 8. There will be a Special Membership Meeting on Monday, Dec. 8, 2025, at 4 – 5pm PT, which will be the last opportunity to vote. You’ll also have the option to vote online or by mail ahead of the Special Membership meeting!

• Online
  The simplest way to vote is online. Vote securely online by clicking on the voting link found at Firsttechfed.cuballot.com. Please note that you will need either the Voter Election Identification Number assigned to you on the enclosed Ballot for Merger Proposal or your Account Number on your member combined statement in the upper right corner and the last four digits of your social security number to cast your vote. Unless you attend the Special Membership Meeting, you must cast your vote by 4:30pm PT on Monday, Dec. 8.
• By Mail
  If you prefer to vote by mail, please locate the Ballot for Merger Proposal included with this letter. Pease return your completed Ballot in the postage-paid envelope provided. Your completed Ballot must be received by 4:30pm PT on Monday, Dec. 8, at the address listed below:
  CUBallot - Election Processing
  E Space Communications Inc.
  P.O. Box 3156
  Dublin, OH  43016
  Because the vote is being administered by an independent, third-party firm, please do not use any other First Tech postage-paid envelope nor return your completed Ballot to any other address.
• In-Person at the Special Membership Meeting
  You may vote in-person at the Special Membership Meeting held at 4 – 5pm PT on Monday, Dec. 8, at First Tech’s Hillsboro corporate office located at 5100 NE Dawson Creek Dr, Hillsboro, OR 97124. 

For more information, you can email us at Merger@firsttechfed.com.

All members with email addresses on file will receive an emailed ballot and notice. If you’ve indicated a preference to receive mailed paper statements, you will also receive a mailed version. 

To ensure the ballots are counted by the Special Membership Meeting, please complete your online or mail ballot by the following dates:

• Online: Members can securely vote online at Firsttechfed.cuballot.com by 4:30pm PT on Monday, Dec. 8.
• By Mail: Ballots must be received by 4:30pm PT on Monday, Dec. 8, at the address listed below:
  
  CUBallot - Election Processing
  E Space Communications Inc.
  P.O. Box 3156
  Dublin, OH  43016

No, members can’t drop off their Official Ballet at a nearby branch. All votes must be cast online, by mail to CUBallot, or in-person at the Special Membership Meeting. 

After a positive vote from our membership, we’ll let you, our employees and the media know. It will then begin the process of integrating our two organizations, with an anticipated integration date in 2026. Until this operational integration, both organizations will continue to operate separately, under their own name with no changes to member relationships.

While we are hopeful for a majority approval from our membership, First Tech will continue as business as usual and serve our members by providing personalized financial services and convenient banking solutions to help you thrive.

Our regulator, the National Credit Union Administration (NCUA), approved the Merger to move forward based on an application we submitted in 2024. With their approval, we are moving forward with a vote of the First Tech membership to fully approve of the merger with Digital Federal Credit Union (DCU).

Both DCU and First Tech are federally insured credit unions through the National Credit Union Share Insurance Fund (NCUSIF). Until member approval and close of the Merger, there will be no changes to the share insurance coverage of First Tech or DCU member share accounts. Once the credit unions have combined, each member of the combined credit union will have up to $250,000 in share insurance coverage across all accounts through the NCUSIF. This means that for individuals who hold memberships and accounts at both First Tech and DCU prior to the close of the Merger, their accounts will be held by a single financial institution after the close of the Merger and their total share insurance coverage will be reduced.

Chartered by the NCUA in 1979, and originally created to serve employees of Digital Equipment Corporation, DCU is based in Marlborough, Massachusetts. DCU proudly serves more than 1.1 million members with 23 branches in both New Hampshire and Massachusetts. DCU is the largest credit union in New England and ranks among the top 20 credit unions in the nation as measured by $12 billion in assets. You can learn more about DCU online.

As part of our strategic planning process, the Board of Directors and executive leadership teams continuously monitor economic conditions and look for opportunities in the marketplace for strategic growth. With our shared mission of serving tech employees, and a deep respect for DCU's decades-long legacy of serving members in New England, it's opportunistic to join together to thoughtfully accelerate delivering on our mission.

There are many benefits of this merger! First Tech and DCU are two of the strongest credit unions in the country, and the combined organization will continue to have very strong capital and loan-to-deposit ratios, ensuring members’ savings are safe and secure. The new organization will be a powerhouse with the scale and resources to create even greater impact through the annual reinvestment into research and development, accelerating and simplifying technology, transforming digital experiences and efforts to sustain our long-term relevancy. We’ll have an expanded presence which almost doubles our branch network, extending service hours and providing a broad platform to serve a growing number of members and their families.

This is a merger of like-minded organizations for the mutual benefit of our members, employees and communities. Our credit unions have a shared origin, each created to serve the financial needs of technology employees and their families through reinvestment and innovation. While First Tech is larger in asset size at $17B, DCU brings more than 1.1 million new members to the organization, creating vast opportunities for innovation and growth. The new organization will have about $28.7B in assets, one of the largest credit unions in the country, serving more than two million members with 54 branches in eight states. The Merger will bring together the best of both credit unions.

Yes, that’s what makes uniting the two organizations such a strategic value position! Both institutions are well capitalized, far exceeding regulatory standards, have strong liquidity and maintain a balanced loan-to-deposit ratio. These factors, in addition to operating in a safe and sound manner, set the stage for a very strong combined entity—one that will have the resources and scale to deliver value to our membership for years to come.

Yes, we do! DCU was also founded on the premise of people helping people, with employees coming to work every day to make a difference in the lives of members by doing the right thing and acting with integrity—much the same way First Tech shows up as engaged, dynamic and genuine. DCU is also deeply committed to the community, also donating more than $2 million annually, and shares our goal of fostering a brighter, more equitable future in the communities where we live and work.

News of any change will undoubtedly raise questions, and both organizations are committed to progress updates for members at key points along the way. Members have an important voice—and final say—in this merger, so there will be plenty of opportunity to learn more about this strategic combination and the benefits to members and employees. The process of integrating the operations of organizations will begin with an anticipated operational integration in late 2026.

The name of the combined credit union will be First Technology Federal Credit Union, or First Tech for short. After researching affinity for our brands in our regions and nationwide, both respected brands had strong brand awareness. Leadership jointly determined that retaining the First Tech brand name, and the federal charter of DCU offers the greatest possibilities going forward. Prior to uniting under the First Tech name in 2026, both organizations will engage members and employees in collaboration to define a shared brand experience that reflects and celebrates the culture and heritage of both credit unions.

Leadership teams continue to partner very well on mutual decisions to ensure the best interests of both organizations and their respective membership. The only organizational decision made to date is that current DCU President and CEO Shruti Miyashiro will become CEO of the newly combined credit union, uniting employees, and members under the DCU charter and First Tech Federal Credit Union name. First Tech President and CEO Greg Mitchell is expected to retire on, or shortly after, the close of the Merger.

Shruti has a deeply rooted passion for strategic thinking and building long-term, sustainable business models focused on delivering transformative value for members, employees, and communities. For more than two decades as an executive leader in the financial services industry, she has led complex businesses in fast-paced environments with an authentic leadership style that prioritizes culture, service excellence, member-centric focus, and innovation. Under her leadership, DCU has been regularly recognized with multiple awards, including “America’s Best Credit Union in Massachusetts” by Forbes, “Best for Small Deposits” by Newsweek, and “Best Credit Unions” in USA Today. Since 2003, Shruti has served on a number of community, non-profit, professional, and corporate boards, including as a current board member for Jack Henry, an S&P 500 technology company.

The combined organization will maintain corporate offices on both coasts, with the headquarters remaining in San Jose, CA. This is very similar to the way First Tech operates today as our formal charter is based in San Jose. Advances in technology have made it easier than ever to conduct business from multiple locations, plus we’ll have extended member service hours due to time differences.

Yes. Addison Avenue Investment Services will continue as the full-service financial planning and investment services provider for our expanded First Tech membership. In addition, First Tech Insurance Services, our independent insurance agency through our wholly owned subsidiary, will continue as well. Both organizations have received national recognition as leaders in the industry and we’re proud to continue offering these services to our expanded membership.

There are no changes to your accounts with First Tech, Addison Avenue, or First Tech Insurance Services right now. In the months to come, an integration team will make operational decisions to ensure any potential changes result in stronger benefits or enhanced features for you. So that’s good news! At the earliest, any potential change will happen in late 2026 when our operations come together as one combined company. When that time comes, of course our teams will help members and clients through any transition.

That’s fabulous news! You’ll continue with your accounts at First Tech and DCU as you do today. As we approach merging in 2026, we’ll reach out and provide you more information on how we’ll support you through the transition.

It is one of the largest mergers for any credit union and another example of our spirit of innovative partnerships. Yet it’s a very complementary fit for both organizations’ membership. We serve a similar membership, but in different parts of the country. That means we’ll be better able to serve our Select Employer Groups (SEGs) and members across the globe with an expanded branch network and call center hours, not to mention enhanced products and services. The good news is that you’ll still meet the same friendly employees at your local branch, but with expanded resources. Most importantly, we have a way of doing the right thing for our members. That’s the credit union difference, and it’s here to stay.