The merger of the $83 million, 5,911-member ChevronWestCredit Union of Bountiful, Utah into the $2.2 billion,91,747-member Chevron Federal Credit Union of Oakland, Calif., isset to be completed Oct. 31 after receiving recent approval by avote of the ChevronWest CU members.

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The merger will add two branches in Utah and one in Colorado toChevron FCU's existing locations in California, Texas, Louisiana,Mississippi, Maryland and Virginia, according to a Chevron FCUstatement.

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The merger has been approved by the Utah Department of FinancialInstitutions and the NCUA.

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ChevronWest said the merger was necessary because of“increasingly extensive regulations, rising compliance and securitycosts, and shrinking interest rate margins have made it difficult”for the credit union to fulfill its mission.

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In addition to declining loan income revenue, ChevronWest also has seen its net income drop from $1.1 millionin 2010 to $480,474 in 2012, according to NCUA financialperformance reports.

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ChevronWest was founded in 1950 as the Standard Credit Union toserve the financial needs of employees at the Chevron refinery inNorth Salt Lake, Utah. That refinery was part of ChevronWest Oil,the Mountain West division of Standard Oil of California. Thecredit union changed its name to ChevronWest in 1974.

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“ChevronWest has shared our dedication to serving the financialneeds of Chevron employees, and we are very pleased to welcometheir members to our organization,” said Chevron FCU President /CEO Jim Mooney. “Our goal is to continueproviding them with the personal service they expect, but with theeconomic efficiencies and technological capabilities of amuch-larger organization.”

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