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Orange County Employees Credit Union Closes; Members Now Served by Sabine Federal Credit Union

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 more than 96 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..

--NCUA--

National Credit Union Administration

Office of Public & Congressional Affairs

703.518.6330
pacamail@ncua.gov

Contacts:

John Fairbanks
Office: 703.518.6336
jfairbanks@ncua.gov

Ben C. Hardaway
Office: 703.518.6333
Mobile: 703.298.5223 bhardaway@ncua.gov

Kenzie Snowden
Office: 703.518.6334
ksnowden@ncua.gov

"Protecting credit unions and the consumers who own them through effective regulation"