Member Accounts are Safe and Federally Insured
ALEXANDRIA, Va. (June 9, 2010) -- 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 CU’s 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 2010.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the U.S. Government, NCUA
operates and manages the National Credit Union Share
Insurance Fund, insuring the deposits of nearly 94
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions.