Having won NCUA approval, the $1.7 billion Chevron Federal Credit Union of Oakland, Calif., said it is merging with the $175 million Spectrum FCU of San Francisco in a deal set for final completion this September following a March 28 member vote.

Spectrum, which nationally serves employees of the Bechtel Corp., the worldwide construction firm, with capital impairment constraints, 5% net worth and a small 2011 loss, industry sources noted.

"For us, this merger is a winning combination since both credit unions are alike in serving a large employee work force and a strong professional base," said Jim Mooney, president/CEO of Chevron.

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