The NCUA announced Monday it has liquidated another New York City-area credit union saddled by taxi medallion loans: LOMTO Federal Credit Union of Woodside.
Teachers Federal Credit Union on Long Island acquired members, deposits, about $5 million to $7 million in loans, and other assets from LOMTO ($156.2 million in assets, 2,283 members as of June 30). It acquired none of LOMTO's commercial loans not backed by real estate, the NCUA classification that includes loans backed by taxi medallions, said Bill Corbett Jr., a publicist for Teachers FCU.
The LOMTO liquidation occurred Sunday, the last day of the quarter. As in the Aug. 31 liquidation of Melrose Credit Union, NCUA retained an unspecified amount of LOMTO's loans, including all taxi medallion loans.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
