Sabine FCU of Orange, Texas today assumed the assets of Orange County Employees CU after the Texas Credit Union Department named the NCUA liquidating agent of Orange County Employees CU.
The credit union has had significant financial difficulties during the past several months.
Orange County Employees CU had $1.7 million in assets at the end of March, a 56.9% decline from its $3.9 million in assets at the end of December. It had no net income during the first three months of 2010.
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