Declining deposits and loans, stagnant membership growth and insufficient resources to invest in new technologies has led the board of directors of the $85 million Chevron West Credit Union in Bountiful, Utah, to unanimously approve a merger agreement with the $2.2 billion Chevron Federal Credit Union in Oakland, Calif.
In a statement to its 5,858 members, Chevron West said "increasingly extensive regulations, rising compliance and security costs, and shrinking interest rate margins have made it difficult" for the credit union to fulfill its mission.
In addition to declining loan income revenue, Chevron West also has seen its net income drop from $1.1 million in 2010 to $480,474 in 2012, according to NCUA financial performance reports.
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