Mobiloil Credit Union was chartered July 30, 1935 as Magnolia Employees Beaumont Texas Federal Credit Union. It was one of the first federal credit unions in Jefferson County. By year-end 1935, the new credit union had 700 members, assets of $10,000 and the potential for over 5000 members from its sponsor group, Magnolia Beaumont Refinery.
Mobiloil Credit Union is now a community charter and currently has more than 40,000 members and assets exceeding $500 million. Over the years, MOFCU has maintained a competitive position among other financial institutions while adhering strictly to the philosophy of “Not for Profit, Not for Charity, but for Service”. Our members enjoy a wide range of products and services provided by the latest technology and, in most cases, lower loan interest rates and higher dividends as compared to other financial institutions.