Still shot of a billboard from a promotional video announcing Mobiloil CU's name change. (Credit/Mobiloil CU)
Mobiloil Credit Union launched in 1935 as Magnolia Employees Beaumont Texas Federal Credit Union – a name that recognized its original sponsor group, Magnolia Beaumont Refinery. Now, the $1 billion credit union based just east of Houston is ditching references to the oil industry in its name entirely in favor of a fresh moniker, Rave Financial.
According to the credit union, the name change will take effect Oct. 2 as well as carry a new slogan, "banking worth raving about."
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"Rave is a name full of life and energy. It reflects the level of service we are committed to providing our members while setting us apart from the status quo. At Rave Financial, we strive to change lives. It's not just about tools and resources, it's about people. We see people for who they are, and meet them where they are. There is care and thought behind everything we do, it's just in our nature. The more we lift each other up, the further we all go," a joint statement from Mobiloil CU President/CEO John Doucet and Board Chair Gary Waldrop posted to the credit union's website read.
In a name change FAQs section on the credit union's website, the credit union explained that it has not been affiliated with Mobiloil since 2000, when its charter changed to a community charter, and that in the 20-plus years since, ExxonMobil – which acquired the Mobil petroleum brand in 2000 – has been asking the credit union to change its name. "The reality is, this was inevitable. We also know that our current name is a cause for confusion over membership eligibility, creating an obstacle for some in joining our credit union and experiencing everything we have to offer," the credit union wrote in reference to its name change.
The name change will be followed by upgrades to online banking, the mobile app and video banking to reflect the rebranding, as well as changes to the credit union's signage, brochures and stationery. In addition, beginning Oct. 10, the credit union's website address will change from mobiloilcu.org to bankwithrave.com.
Mobiloil CU serves over 71,000 members who live, work, worship or attend school in the Texas counties of Jefferson, Chambers, Hardin, Jasper, Liberty, Newton, Orange, Tyler, Galveston, Harris, Montgomery, San Jacinto, Polk, Angelina, San Augustine and Sabine.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
