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.
Changes in the New York City taxi medallion industry have changed our business. We value our members and look forward to serving them as we become part of a strong institution, Teachers Federal Credit Union.
With a full range of products and services and over 28 branches to serve our members, we look forward to a successful future.