MobilOil FCU and ExxonMobil Swap Properties in Beaumont

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BEAUMONT, Texas - MobilOil FCU and its former corporate sponsor, ExxonMobil, have agreed to swap property to facilitate the credit union’s expansion. The $240 million credit union will give the energy giant the branch outside the Exxon Mobil Refinery that used to serve as the credit union’s headquarters and in exchange receive a plot across the street where it will build a new branch.

ExxonMobil plans to tear down the old credit union building, which was damaged significantly by Hurricane Rita. The company will use the property to build a security buffer around the refinery.

The credit union, which is now a community charter, will build a 2,100-foot branch which will serve the surrounding community at its new site. Even though the credit union has expanded beyond the oil giant, officials plan to retain the ExxonMobil name. The credit union moved into a new 30,000-foot headquarters nearby in January 2005.

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