New York-based MontaukCredit Union merged into Bethpage, N.Y.-based Bethpage Federal Credit Union effective March 31, accordingto a same-day news release from the National Credit Union Administration.
As previously reported, the New York State Department of FinancialServices placed Montauk Credit Union into conservatorshipSept. 18, 2015, and appointed the NCUA as conservator. The two agencies worked togetherto address issues affecting the credit union's safety and soundness. As conservator,the NCUA determined that merging Montauk Credit Union into Bethpage Federal CreditUnion was in the best interests of its members.
Montauk Credit Union had assets of $162 million and 2,830 membersprior to the merger, the NCUA said, citing the credit union's most recent call report.Bethpage Federal Credit Union had assets of $6.2 billion and 277,429 members, accordingto its most recent call report.