Hauppauge-based Teachers Federal Credit Union (TFCU) has acquired members and assets of a recently liquidated Woodside-based credit union that was formed by the League of Mutual Taxi Owners (LOMTO), TFCU announced Monday.
The National Credit Union Administration (NCUA) liquidated the 82-year-old LOMTO Federal Credit Union on Sunday and TFCU acquired come of its assets and members the next day. This acquisition follows TFCU’s purchase and assumption of Melrose Credit Union on September 1.
TFCU is one of the nation’s largest federally insured and chartered credit unions with 300,541 members and nearly $6.1 billion in assets, according to NUCA. TFCU grew to approximately $7.2 billion in assets and more than 323,000 members as a result of the deal.
NUCA had placed LOMTO FCU into conservatorship last year. LOMTO FCU had two locations: one in Woodside, the other in Manhattan, both of which will continue operating after the acquisition. The Woodside branch will be TFCU’s second branch in Queens and the Manhattan branch will be the first for the credit union in the borough.
This acquisition ensures that all LOMTO FCU member deposits are protected and credit union services are provided uninterrupted. The newly acquired members have access to TFCU’s 28 full-service branches throughout Long Island and Queens and 5,600 shared service centers nationwide.
TFCU did not acquire any loans or obligations related to New York City Taxi Medallions. Details of the complex transaction are still being finalized.
For more information about TFCU, visit teachersfcu.org or call 631-698-7000.