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NCUA liquidates Orange County Employees CU
ALEXANDRIA, Va. (6/11/10)--The National Credit Union Administration (NCUA) on Thursday began the process of liquidating the $1.7 million asset Orange County Employees CU. In a release, the NCUA said that the Orange, Texas-based credit union, which served 1,000 members, was shuttered by the Texas Credit Union Department, due to its deteriorating financial condition. The assets and members of Orange County have been taken on by Orange, Texas’ Sabine FCU, which currently holds $150 million in assets from 150,000 members. Sabine’s membership is spread throughout Orange County, as well as neighboring Hardin and Jefferson Counties. Orange County is the ninth credit union to be liquidated in 2010.
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