ALEXANDRIA, Va. (2/3/14)--The financial condition of Keys FCU of Key West, Fla. continues to improve, with that credit union reporting a 37 basis point net worth ratio increase in 2013, the National Credit Union Administration said Friday.
The credit union's net worth ratio at the end of the year was 4.07%.
Keys FCU, which voluntarily entered NCUA conservatorship in 2009, also reported $307,672 in net income and $120.5 million in total assets at the end of 2013.
"Keys' restructuring efforts continued in 2013 to provide members greater access to services and products like mobile banking and credit cards," NCUA Region III Director and Agent for the Conservator Myra Toeppe said. "We are encouraged by the credit union's steady progress," she added.
The credit union was chartered in 1940 and operates in Florida's Middle and Lower Keys. Membership is open to individuals and their family members who live, work, worship or attend school in Monroe County, the municipal boundary of the Florida Keys.
Two other conserved credit unions reported financial improvements within the past week: Texans CU, Richardson, Texas, reported an increased net worth ratio, expanding loans and the shedding of distressed assets in 2013; and AEA FCU, Yuma, Ariz., reported net worth ratio and net income increases in 2013.