Wescom federal credit union

Business Editors

PASADENA, Calif. & EL SEGUNDO, Calif.--(BUSINESS WIRE)--June 1, 2004

Wescom Credit Union president and chief executive officer, Darren Williams, and Unocal Federal Credit Union chief executive officer, Judy Hurst, announced jointly today the merging of the two credit unions.

Unocal Federal Credit Union ($115 million in assets; 9,400 members) will operate as its own division within Wescom Credit Union, and will continue to serve its members and sponsor companies under the Unocal brand.

"Operating Unocal as a division of Wescom builds on the Unocal brand and the goodwill the credit union has established with its members over its 69-year history," Williams said.

Wescom serves the Southern California market and currently ranks as California's sixth largest credit union with $2.5 billion in assets, over 218,000 members and 26 branches.

Unlike bank acquisitions and mergers, credit union mergers generally require the approval of the merging credit union's members.

"The ownership structure of credit unions is very different from that of banks," Williams adds. "The members are the owners, and so we're very pleased that Unocal members voted overwhelmingly in favor of the merger."

Unocal Federal Credit Union CEO, Hurst, notes that the merger benefits existing Unocal members.

"Wescom Credit Union is an established leader in the credit union industry. They combine high levels of personal service with a full range of financial services," Hurst said. "Our members will experience improved convenience, additional financial products and enhanced services. "

Unocal Federal Credit Union's existing branch locations in El Segundo, Rodeo, and Orcutt, Calif., and Sugar Land, Texas, will remain open and continue serving Unocal members. Unocal's Brea, Calif. branch members will be served by Wescom's nearby La Habra branch.

All Unocal Federal Credit Union employees will continue their employment as Wescom Credit Union employees.

Wescom Credit Union is a not-for-profit, financial services cooperative serving over 227,000 members at 31 branches. With assets totaling more than $2.6 billion, it is one of the largest credit unions in the country. Credit union members have access to over 18,000 fee-free ATMs nationwide and a wide range of financial services. Membership is open to people living and working in Los Angeles, Orange, Riverside, San Bernardino and Ventura counties. Wescom was established in 1934 as a credit union for telecommunications employees.

Unocal Federal Credit Union is a full-service, not-for-profit financial services cooperative chartered in 1935 by employees of Unocal Corporation (Union Oil Company of California). Unocal Credit Union now serves nearly 10,000 members, including Unocal employees, employees of ConocoPhillips who work at the San Francisco and Santa Maria facilities in California, and members from a select group of employers in El Segundo, Calif.