NCUA announced the liquidation of the Woodside-based LOMTO FCU. Teachers FCU, based in Hauppauge, assumed all of LOMTO FCU’s members and shares, as well as some loans and other assets.
Teachers FCU serves approximately 300,541 members and has assets of nearly $6.1 billion.
The existing LOMTO offices located in Woodside and Manhattan will remain open. New Teachers FCU members’ accounts remain federally insured up to $250,000 by the National Credit Union Share Insurance Fund.
Chartered in 1936, LOMTO served various select employee groups in the greater New York City-area, as well as an underserved area in New York City. The credit union served 2,283 members and had assets of approximately $156 million.
LOMTO FCU is the sixth federally insured credit union to be liquidated this year.