- Associated Press - Friday, September 18, 2015

ALBANY, N.Y. (AP) - New York regulators say they have taken possession of Montauk Credit Union in New York City and appointed a conservator, citing unsound conditions at the institution.

The Department of Financial Services says the federally insured, state-chartered credit union most recently had 2,893 members and assets of $178.5 million.

The department has appointed the National Credit Union Administration as conservator, saying it will continue normal member services, including access to funds, while trying to resolve issues affecting operations.

Deposits remain protected by the National Credit Union Share Insurance Fund up to $250,000 on individual accounts.

A call to the credit union was not immediately returned Friday.

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