Member Accounts Remain Protected to $250,000; Member Services Uninterrupted
ALEXANDRIA, Va. (March 31, 2016) – Montauk Credit Union of New York, New York, has merged into Bethpage Federal Credit Union of Bethpage, New York, effective today, the National Credit Union Administration announced.
The new Bethpage members should experience no interruption in services, and member deposits remain protected by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States. Members may visit the Share Insurance section (opens new window)of NCUA’s MyCreditUnion.gov (opens new window)website at any time for more information about their insurance coverage.
The new Bethpage members can continue to contact the credit union and transact business by telephone at 212-989-5200 or in person at the office located at 111 West 26th Street, New York, New York. Members can also transact business at Bethpage branches. Members can get a list of branches as well as information about Bethpage’s rates and services at the Bethpage website (opens new window).
On Sept. 18, 2015, the New York State Department of Financial Services placed Montauk into conservatorship and appointed the National Credit Union Administration as conservator. The two agencies worked together to address issues affecting the credit union’s safety and soundness. As conservator, NCUA determined that merging Montauk into Bethpage was in the best interests of its members.
Montauk was a federally insured, state-chartered credit union that, prior to the merger, had assets of $162 million and 2,830 members, according to its most recent Call Report. Chartered by the state of New York in 1922, Montauk primarily served individuals in the taxi industry in New York City, Chicago and Philadelphia. Bethpage is a federal credit union with assets of $6.2 billion and 277,429 members, according to its most recent Call Report.