TFCU Grows Again Through Acquisition of LOMTO Federal Credit Union
October 1, 2018
Adds Two Locations, 2,200 Members and $156M to its Portfolio
HAUPPAUGE, NY- October 1, 2018 – In keeping with its ongoing growth strategy, Teachers Federal Credit Union (TFCU), one of the country’s largest federally insured credit unions, announced that it has acquired all member shares as well as some loans and other assets of Queens, NY-based LOMTO Federal Credit Union. This follows TFCU’s purchase and assumption of Melrose Credit Union on September 1 of this year.
LOMTO FCU had 2,283 members and assets of $156,160,193 as of its last call report dated June 30, 2018. TFCU’s newest members will gain access to 28 full-service branches throughout Queens, Nassau and Suffolk counties as well as 5,600 shared service centers across the country.
Members’ accounts will remain insured by the National Credit Union Share Insurance Fund. Administered by the National Credit Union Administration, 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.
LOMTO FCU has two locations: one in Woodside, Queens, and another in Manhattan, both of which will continue in operation. This acquisition is in line with TFCU’s strategy for continued growth into the New York City market and beyond while assuring LOMTO members of continued credit union services with the availability of increased products and services, including Mobile Banking, Mobile Check Deposit, Digital Wallets for Apple and Samsung and Smart Watch integration.
Teachers Federal Credit Union (TFCU), one of the country’s largest credit unions, is a full-service, not-for-profit financial institution. TFCU was founded on Long Island in 1952 and now has over $7 billion in total assets, serves more than 320,000 members and has 30 branches throughout Long Island, Queens and Manhattan, including: Amityville, Bay Shore, Briarwood (Queens), Brookhaven National Laboratory, Center Moriches, Central Islip, Commack, East Northport, Farmingville, Hauppauge, Holbrook, Huntington, Kings Park, Manorville, Merrick, Nesconset, North Babylon, North Massapequa, Oakdale, Patchogue, Port Jefferson Station, Riverhead, Riverside (Manhattan), Rocky Point, Selden, Shirley, Smithtown, South Setauket, Wading River and Woodside (Queens). Members also have access to services at more than 5,000 shared service centers located across the country. TFCU offers a full array of personal and commercial financial services to everyone. More information about TFCU is available by visiting www.teachersfcu.org or by calling (631) 698-7000.