Having just won NCUA approval, the $1.7 billion ChevronFederal Credit Union of Oakland, Calif. said Wednesday it ismerging the $175 million Spectrum FCU of San Francisco in a dealset for final completion this September following a March 28 membervote.

Spectrum, which serves employees of the Bechtel Corp., theworldwide construction firm, struggled last year with capitalimpairment constraints, 5% net worth and a small 2011 loss, saidJim Mooney, president/CEO of Chevron, which serves the oil giant ofthe same name.

“For us this merger is a winning combination since both creditunions are alike in serving a large employee work force and astrong professional base,” Mooney said.

Talks between the two CUs have been ongoing for nearly a yearand came to fruition last October, Mooney said.

Once merged, the two CUs would have a membership of87,000.

The SEG-based Chevron has 14 branches in California, Texas,Louisiana and Mississippi.

Spectrum has four branches in San Francisco, Houston andFrederick, Md.

Mooney said his own CU has remained healthy despite a small lossin 2011.

“We did absorb that $3.5 million assessment last year,” saidMooney noting that earnings so far in 2012 are positive. “We're doing just fine”

He said there are no plans to scout further merger prospects inCalifornia. Chevron FCU did merge two $5 million CUs in 2011: Stewart FCUof Houston and Star Energy CU of Bakersfield, Calif.