Sabine State Bank of Many has filed an Intragency Bank Merger Act Application for its sale to Texas Dow Employees Credit Union of Lake Jackson, Texas.
According to a public notice, it is expected that the credit union will acquire substantially all of the assets of Sabine State Bank and assume its liabilities, including deposits, in the proposed transaction. The legal also makes note that all branches of Sabine State Bank will remain open and continue to be operated as branches of the credit union following the transaction.
Some have raised concerns regarding the local taxes that credit unions pay, which will be covered in next week’s edition of the INDEX.
Any person wishing to comment on this application is encouraged to submit comments through the FDIC’s website at https://cra.fdic. gov/. Alternatively, comments may be filed in writing with the Regional Director of the Federal Deposit Insurance Corporation at its Regional Office at 600 North Pearl Street, Suite 700, Dallas, Texas 75201. Comments must be submitted not later than September 6, 2024. Photocopies of information in the nonconfidential portion of the application file will be made available upon request.