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March 31, 2016
N.Y.'s Montauk CU merged into Bethpage FCU
Montauk Credit Union of New York has merged into Bethpage Federal Credit Union, also of New York, NCUA announced Thursday.
Montauk was a federally insured credit union, chartered in 1922, that had $162 million in assets and 2,830 members prior to the merger, according to its latest call report. The credit union primary served those in the taxi industry in New York City, Chicago and Philadelphia.
New Bethpage members should not experience any interruption in services, and member deposits remain protected by the National Credit Union Share Insurance Fund, NCUA said. New members can continue to contact Montauk CU and transact business by telephone at (212) 989-5200 or in person at the office located at 111 West 26th Street, New York, N.Y. Members can also transact business at Bethpage branches.
Last September, the New York State Department of Financial Services, citing unsafe and unsound practices at the credit union, took possession of Montauk CU and appointed NCUA as conservator. NCUA determined that merging Montauk into Bethpage was in the best interests of its members.
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