Newsroom
LOMTO FCU closes; shares assumed by Teachers FCU
The NCUA on Monday liquidated LOMTO Federal Credit Union (Woodside, N.Y.) and moved its shares, members and some loans to Teachers Federal Credit Union (Hauppauge, N.Y.).
Teachers Federal Credit Union serves 300,541 members and has assets of nearly $6.1 billion, according to its most recent call report. New members should not experience any interruption in services, and accounts at the credit union are protected by the National Credit Union Share Insurance Fund.
LOMTO, a taxi medallion lender, was placed into conservatorship due to unsafe and unsound practices in June 2017. Chartered in 1936, LOMTO served multiple occupational and associational groups and communities primarily located in New York, N.Y. According to the credit union's latest call report, it had 2,283 members and $156 million in assets.
LOMTO is the sixth federally insured credit union to be liquidated this year.