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News Now

CU System
Regulators approve Star Energy Chevron merger
BAKERSFIELD and OAKLAND, Calif. (1/18/11)--Star Energy CU, Bakersfield, Calif., has won approval from the National Credit Union Administration (NCUA) and the California Department of Financial Institutions (DFI) to merge with the much larger Oakland, Calif.-based Chevron FCU. The next step is to get approval from California's Secretary of State, according to the Bakersfield Californian (Jan. 14). Both credit unions serve primarily employees of Chevron and their families and have talked about a merger on and off for years, Chevron told the newspaper (Jan. 13). Star Energy CU, a 74-year-old state-chartered credit union with about 1,500 members, saw its capital ratio of 6% drop to 3.8% in September from a 6% ratio in June. Its total assets declined by more than $1 million to $5.9 million in the 12 months ended on Sept. 30. Chevron's capital ratio stood at 10.7% in September. It has about 70,000 members and about $1.5 billion in assets.


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