More than 90 percent vote in favor of plan to join Safe 1
Members of Chevron Valley Credit Union have voted overwhelmingly to combine their board, staff and operations with Safe 1 Credit Union, CVCU officials announced this week. Ninety-three percent of the voting members favored the union of the two credit unions.
Operations are expected to be combined within a few months. At that time, Chevron Valley members’ accounts will become Safe 1 accounts, and the members of both credit unions will then be able to use any of the nine branches of the consolidated financial institution.
“With the favorable vote and regulatory approval, our commitment to serving the Taft community will be stronger than ever, and has been always been a key consideration in our plans,"Chevron Valley President/CEO Neil Sawyer said. "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 appreciate the overwhelming support from our members for what we’ll be able to bring to Taft and to Kern County through this partnership.”
Chevron Valley and Safe 1, both headquartered in Bakersfield, are each well-capitalized credit unions, with strong balance sheets and established member bases. The partnership will join two successful organizations with deep Kern County roots to create a combined credit union that will offer its members expanded branches, products, services and technologies.
With the proposed partnership, Chevron Valley branches in Taft and Bakersfield will remain open, along with six additional credit union branches operated by Safe 1. The credit union will operate under the Safe 1 Credit Union name, with combined employees and Board members. All employees and Board members from both credit unions will be retained, with the sole exception of Chevron Valley President/CEO Neil Sawyer, who was already scheduled to retire in 2017.
About Chevron Valley Credit Union
Founded in 1935 to serve Chevron employees, Chevron Valley Credit Union has grown to serve Taft and Bakersfield, with three branch offices. Headquartered in Bakersfield, CA, Chevron Valley has approximately 14,000 members and $130 million in assets. More information can be found at chevronvalley.com.