Member Accounts are Safe and Federally Insured
June 9, 2010 Alexandria, Virginia - The National Credit Union
Administration (NCUA) was today appointed liquidating agent of Orange
County Employees Credit Union (Orange County Employees) of Orange,
Texas, by the Texas Credit Union Department today.
NCUA has signed an agreement with Sabine
Federal Credit Union (Sabine) of Orange, Texas, to assume the assets
and liabilities of Orange County Employees. Orange County Employees
members will experience no interruption of credit union service. Their
accounts are federally insured by the National Credit Union Share
Insurance Fund (NCUSIF) up to at least $250,000.
Sabine has $150 million in assets and serves approximately 15,000
members. Sabine now serves residents in Jefferson, Hardin, and Orange
Counties, Texas. Sabine has a full-service branch in Orange, Texas. In
addition, the new members will have access to a broad array of financial
services offered across the United States through a shared branching
network with over 5,500 sites nationwide.
Orange County Employees CUís declining financial condition led to its
closure and subsequent purchase and assumption. At closure, Orange County
Employees had $1.7 million in assets and served over 1,000 members. Orange
County Employees is the 9th federally insured credit union liquidation in