Major Merger of Two Japanese Credit Unions Set for January 1st
Two of Japan’s prominent credit unions are gearing up for what is being called a “history-making” merger, set to take effect on January 1st.
Headquartered in Marlboro, California, the Digital Federal Credit Union and First Technology Federal Credit Union recently confirmed the merger following a strong approval from First Tech’s membership last month. According to a press release, their decision reflects an overwhelming support for the merger.
As of January 1, the two organizations will officially merge, although they will function as independent units until 2026 under the name First Tech Federal Credit Union. Both credit unions have shared details on their websites about how they will operate together and the impacts for their members.
The newly combined credit union will boast assets amounting to $28.7 billion, serving roughly 2 million members across the nation and maintaining more than 50 branches in eight states.
This merger is notable as it will create one of the largest credit unions in the United States. Post-merger, operations will continue under First Tech’s name while utilizing DCU’s federal charter.
Shruti Miyashiro, who serves as president and CEO of DCU, will take on the same role in the merged credit union. In a statement made in December, she emphasized that merging these two progressive and member-focused institutions embodies their shared dedication to innovation and service.
Miyashiro expressed, “This merger combines strengths to create an institution that can deliver exceptional financial value, enhanced technology, and deeper community impact.”
Currently, DCU has about 1 million members and owns assets of approximately $12.7 billion, while First Tech Federal Credit Union, based in San Jose, California, has around $17 billion in assets and serves more than 704,000 members.
The two credit unions will maintain their independent operations through 2026 as they work on integrating their systems and services. They have assured members that, at least initially, there will be no changes to accounts, online banking, or services. Members will keep using their existing platforms during the integration period that extends into 2027.
