LOMTO Federal Credit Union Closes; Teachers Federal Credit Union Assumes Members, Most Shares, and Some Loans

October 2018
LOMTO Federal Credit Union Closes; Teachers Federal Credit Union Assumes Members, Most Shares, and Some Loans

Member Deposits Protected to $250,000; Member Services Uninterrupted

ALEXANDRIA, Va. (Oct. 1, 2018) – The National Credit Union Administration on Sept. 30 liquidated LOMTO Federal Credit Union of Woodside, New York.

Teachers Federal Credit Union, of Hauppauge, New York, assumed LOMTO’s members and most shares as well as some loans and other assets. Teachers Federal Credit Union serves 300,541 members and has assets of nearly $6.1 billion, according to the credit union’s most recent Call Report.

New Teachers Federal Credit Union members should experience no interruption in services, and their accounts remain federally insured by the National Credit Union Share Insurance Fund.  Administered by the 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 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.

Teachers Federal Credit Union has posted information for its members on its website, and members with questions may contact the credit union at 631-698-7000 between 8 a.m. and 5 p.m. Eastern on Mondays, Tuesdays, Wednesdays, and Saturdays and between 8 a.m. and 6 p.m. Eastern on Thursdays and Fridays. Members also may find insurance coverage information on the Share Insurance Coverage page of the NCUA’s consumer website, MyCreditUnion.gov.

The NCUA has retained some of LOMTO members’ loans. Members should contact the NCUA’s Asset Management and Assistance Center to see if their loans have been retained:

LOMTO Federal Credit Union

c/o National Credit Union Administration
4807 Spicewood Springs Road, Suite 5100
Austin, Texas 78759
512-231-7940

The existing LOMTO offices located at 5024 Queens Boulevard in Woodside and at 180 Riverside Boulevard, New York, New York, will remain open.

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. At the time of liquidation and subsequent purchase by Teachers Federal Credit Union, LOMTO served 2,283 members and had assets of approximately $156 million, according to the credit union’s most recent Call Report.

LOMTO Federal Credit Union is the sixth federally insured credit union liquidation in 2018.

Last modified on
11/30/18