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.
Its net worth ratio was -74.73% at the end of March, compared with 22.9% at the end of December. Its delinquent loan ratio was 8.78% at the end of the third quarter, compared with 0.42% at the end of December. It has had a negative return on average assets during three of the last five quarters.
Sabine FCU has $150 million in assets and serves approximately 15,000 members.
Orange County Employees FCU is the ninth federally insured credit union liquidated this year.