State Charter Conversion
Results are in!
We are excited to announce that on May 5th at 2 pm, the Mobiloil Federal Credit Union members voted to approve the conversion from federal to a state-chartered credit union. The total number of members who voted FOR the conversion was 529, the total number of members who voted AGAINST the conversion was 98. Thank you to all members who submitted their votes or attended the special meeting. The Charter conversion is not in effect yet, we still have documents to complete and file with regulators before the conversion is completed. As mentioned before, you should see no changes to your accounts or insurance coverages.
Why are we seeking this change? With our current charter, we are limited to only serving members who live, work, worship or attend school in Jefferson, Hardin, Orange, Tyler, Newton, Chambers, Liberty, and Jasper Counties. We take great pride in being a Texas-based Credit Union with roots that began here in Southeast Texas. By converting to a state charter, we will have the opportunity to expand into other counties and regions in the state, which will also allow us to serve more people in financially underserved communities.
What this means for you:
If you have any concerns about how this may affect you, no need to worry! This conversion will not affect your accounts in any way. They will still be insured (up to $250,000) through NCUA as they are currently. As we move forward with these changes and new opportunities, members can be absolutely confident that the same friendly, knowledgeable staff will be committed to serving your financial needs.
Listen to a message from our President/CEO about why we are proposing this conversion, which may also help answer any questions you have about this important change. Or, visit our FAQs below for the most commonly asked questions regarding a charter conversion.