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.

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