WOODSIDE, N.Y.—After Melrose Credit Union became the second New York City taxi medallion CU to be conserved, is LOMTO next?
Year end 2016 Call Report data shows that LOMTO’s capital has slipped to 5.87%.
Consistent with the fate of Melrose, and taxi medallion lender Montauk CU—which was conserved in September of 2015 and was later merged into Bethpage FCU—capital at LOMTO has fallen quickly due to the impact of ride sharing services on taxi medallion values in the Big Apple.
In December of 2014, LOMTO’s capital was 16.70%.
LOMTO reported a loss of $18,383,654 for 2016, after losing $13,323,171 the previous year.
Delinquent loans to total loans have skyrocketed from 0% in 2013 to 14.36% by the end of 2016.