Taft branch will stay open under new name
Chevron Valley Credit Union, announced on Friday that its Board of Directors is pursuing a "partnership merger" with Safe 1 Credit Union.
The new credit union will be called Safe 1.
The merger, Chevron Valley President/CEONeil Sawyer said, will bring CVCU members expanded benefits.
"The partnership will join two successful organizations with deep Kern County roots to create a combined credit union with that will offer its members expanded branches, products and service," Sawyer said. "Chevron Valley and Safe 1... are each well capitalized credit unions, with strong balance sheets and established member bases."
The Taft branch will remain open, Sawyer said. “Our commitment to serving the Taft community will be stronger than ever, and has been a key consideration in our plans. Our Taft members will continue to be served by our same friendly staff in their current local branch, with the benefits of the additional resources of a larger organization to expand our products, services and local community programs. We couldn't be happier about what we'll be able to bring to our members in Taft and throughout Kern County through this partnership.”
All employees will keep their jobs, with the exception of Sawyer, who had planned to retire in 2017.
The boards of both credit unions will merge into one board.
The partnership merger has received regulatory approval, and the credit union is in the process of putting the proposal to a Chevron Valley member vote.
Chevron Valley was founded in 1935 as a credit union for Standard Oil employees and was located for many years at the 11-C Camp.
Now Headquartered in Bakersfield, CA, Chevron Valley has approximately 14,000 members and $130
million in assets.