Two sources, who asked not to be named, said the NCUA and the New York Department of Financial Services are soliciting merger bids for Montauk Credit Union, which was placed into conservatorship in September because of its financially troubled taxi medallion loan portfolio.
However, it is unclear whether the government agencies are still reviewing merger bids or whether a merger bid has been selected and has yet to be publicly announced, sources said.
"The agency has made no final decisions about Montauk," NCUA Public Affairs Specialist John Fairbanks said in response to CU Times' inquiry about the merger bids. The New York Department of Financial Services said it had no comment when contacted Wednesday.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
