In 1936, a group of New York City medallion taxi owner-drivers joined in common purpose. They had a vision that, working together, they could help themselves and each other at a time of severe financial hardship. None had much money to spare but, they realized, if they pooled their meager resources, they could provide assistance when it was most needed.
These visionaries applied for, and were awarded, a Federal Credit Union Charter in the name of their parent organization, The League of Mutual Taxi Owners. This was the first, small step along a path
, which has seen the fulfillment of those dreams and aspirations. From the first contributions of a nickel, a dime and, when things were really good, a dollar, the LOMTO Federal Credit Union was able to assist the members with such problems as buying a new set of tires, fixing that balky transmission and, when necessary, providing a little help with medical bills.
It wasn't an easy task but people like Jack Jackman, Mac Arons, Lou Goldenberg, Artie Cones, Ed Oxman, Sol Ullman, Duke Schlaifer and others of that early band of pioneers knew no fear and never believed they could not or would not succeed in their effort to bring financial stability to their fellow cabmen. Those who have followed in their path – Richard Kay, Vincent Sapone, Phil Pollack, Harold deWolfe, Ralph Levy, Al Kanner, Howard Fogel and so many others – have not veered an inch away from that common bond.
Today, a healthy and vibrant LOMTO Federal Credit Union, with over $200,000,000 in assets, salutes those hardy pioneers and re-affirms their credo of self-help and self-reliance. LOMTO Federal Credit Union has never been prouder of its roots and those leaders and workers who have played such integral roles over the past decades. We look forward to the future with equal confidence and determination.