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Members of First Tech Federal Credit Union in San Jose, Calif., voted in favor to merge with Digital Federal Credit Union in Marlborough, Mass., creating a $29.7 billion entity and the nation’s fourth largest financial cooperative.
In a prepared statement on Tuesday, First Tech announced its members “overwhelmingly approved” the consolidation. The credit union would not disclose the final vote tally, which was requested by CU Times.
After they are legally combined on Jan. 1, 2026, the merged financial cooperatives will manage $22.9 billion in loans and $2.7 billion in total equity, based on third quarter NCUA financial performance reports. The 3,390-employee workforce will operate more than 50 locations across eight states and serve nearly two million members.
"This merger of equals is more than a milestone — it's a launchpad," incoming President/CEO Shruti Miyashiro said in a prepared statement.
"By joining forces, we're purposefully building something different: A financial partner that designs experiences that are as forward-thinking as the members and communities we serve.”
Miyashiro credited First Tech President/CEO Greg Mitchell for laying the foundation for the new credit union’s success.
“Greg's leadership has shown what it means to lead with integrity and serve with heart,” she said. “Thank you for establishing a legacy that I'm deeply honored to build upon."
Mitchell will retire on Dec. 31 and will not receive any merger-related compensation, according to First Tech merger documents filed with the NCUA.
First Tech CFO Marito Domingo will receive between $0 to $1,365,000; Jason Heupel, chief experience officer, will receive between $0 to $1,053,000; Chief Marketing Officer Brandon Hunt will receive between $0 and $984,000; and Monique Little, chief people and administrative officer, will receive $875,000. These payments are based on a “possible retention bonus or severance payment and the accelerated vestment of any long-term incentive plan bonus,” according to merger documents.
“Today, we begin to realize our shared vision of boundless possibilities in service to more than two million current (and eight million prospective) members serving America's technology sectors," Mitchell said in a prepared statement. "We share roots with thousands of innovators, dreamers, and doers who seek to build brighter futures for all. We are grateful to the thousands of First Tech employees and members who voted in our election, and I am personally excited to welcome Shruti Miyashiro as my successor effective January 1, 2026. This next step in our journey will deliver great benefits for current and future members, employees and the communities where we live and work. The best is yet to come."
Peter Strozniak can be reached at peter.strozniak@arc-network.com
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