E Federal Credit Union is changing its name to EFCU Financial in March.
Chief Executive Officer Tyler Grodi said the credit union wanted to “stay true to our Exxon Refinery roots,” but “felt the need to embrace the fact we now serve a broader group of members living and working in the nine-parish area of Greater Baton Rouge. The name EFCU Financial accomplishes both of those goals … and does more.”
The credit union operates eight branches in East Baton Rouge, Ascension and Livingston parishes, with four in Baton Rouge and one each in Zachary, Gonzales, Prairieville and Denham Springs.
It has more than 32,500 members and assets exceeding $305 million, making it the seventh-largest credit union in the state based on assets.
Although the new name is not a huge departure from the current name, EFCU Financial will have a new logo, tagline, website and colors that will be a part of the overall rebranding strategy for the credit union.
The renaming follows a two-year process that began with a member contest. The credit union’s management and board approved the new name.
“Without giving too much away about our marketing plan,” Grodi said, “you will see a fresh 21st-century look — and you will see it everywhere.”
The new website is slated to go live in January, with a glimpse of the rebranded look and colors.
In March, everything will switch over to the name EFCU Financial.
The credit union was founded in 1934 as the Stanocola Processing Employees Federal Credit Union with $941 in assets and 178 members.
Standard Oil Co. of Louisiana — the predecessor to what became ExxonMobil — was the prime sponsor company of the organization, which saw 12 different credit unions chartered to serve employees in various departments.
Over the years, the number of credit unions serving the company in Baton Rouge dwindled to two: E Federal Credit Union for hourly employees and EXCO Federal Credit Union for salaried employees.
The two credit unions merged in 2003, with total assets of $150 million and over 20,000 members. In 2005, E Federal Credit Union expanded into Ascension Parish with the merger of two more credit unions: Vulcan Employees Federal Credit Union in Geismar and Burnside Federal Credit Union in Gonzales.
E Federal Credit Union became a community-chartered credit union in 2007, opening its membership to individuals who live, work or worship in the nine-parish area surrounding East Baton Rouge.