Two sources, who asked not to be named, said the NCUA and the New York Department of Financial Services are soliciting merger bids for Montauk Credit Union, which was placed into conservatorship in September because of its financially troubled taxi medallion loan portfolio.
However, it is unclear whether the government agencies are still reviewing merger bids or whether a merger bid has been selected and has yet to be publicly announced, sources said.
"The agency has made no final decisions about Montauk," NCUA Public Affairs Specialist John Fairbanks said in response to CU Times' inquiry about the merger bids. The New York Department of Financial Services said it had no comment when contacted Wednesday.
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