OAKLAND, Calif. Chevron FCU, the combination of a half-dozen Chevron credit unions, will enter the Utah market with the acquisition of Chevron West CU, a $90-million credit union based in Bountiful.
The deal comes one year after $2.3-billion Chevron FCU acquired $175-million Spectrum FCU of San Francisco, and two years after it acquired $7-million Star Energy CU in Bakersfield, Calif.
Chevron West FCU said it has experienced declining deposits and loans, stagnant membership growth, and insufficient resources to invest in the technology that many members expect so it board agreed to combine with a larger credit union with a similar mission. It said its board sought a partner that both understands and is dedicated to serving the employees of Chevron.
Chevron FCU now serves every significant Chevron facility in the country other than Salt Lake City and Denver.
