Monday, April 4, 2016

Acquisition of Failed Montauk CU Eliminates Bethpage FCU Geographic Common Bond Limits

Long Island Business News is reporting that the merger of Montauk Credit Union (New York, NY) into Bethpage Federal Credit Union (Bethpage, NY) eliminated any geographic limits on Bethpage's field of membership.

On March 31, the National Credit Union Administration (NCUA) merged the failed taxi medallion lender Montauk Credit Union into Bethpage Federal Credit Union.

Long Island Business News wrote:
Linda Armyn, Bethpage senior vice president of corporate affairs, said the merger gives others around the nation access to the credit union, ending any geographic limits.

“Our territory has expanded beyond Long Island and we now have a branch in New York City,” Armyn said. “Our charter is not limited by geography at this time.”

While she said Bethpage can now serve people around the nation, the credit union at least in the short-term doesn’t plan to seek to expand across the country.

Bethpage spokesperson indicated that the credit union would in the near-term focus on expanding its operations in the tri-state area.

Being able to shed geographic limits on its field of membership might explain why Bethpage was willing to do this merger without NCUA's assistance.

Read more.

No comments:

Post a Comment


The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.