ALEXANDRIA, Va. (9/24/15)--Members once again have control of Keys FCU of Key West, Fla., the National Credit Union Administration announced Wednesday. Keys FCU is the first credit union since 2013 to emerge from NCUA conservatorship, where it was placed in September 2009.
“Although a long time in coming, the recovery of Keys Federal Credit Union is a great success story,” NCUA Chair Debbie Matz said in a statement. “This remarkable recovery was made possible through the collaborative efforts of Keys’ management team and staff, its advisory board, NCUA staff and the loyal members who stuck with their credit union through turbulent times.”
In the first year after being placed into conservatorship, the credit union’s net worth ratio fell to 2.37%. Since then, the credit union has continued to make operating changes resulting in a reported net worth ratio of 5.75%.
According to the NCUA, as of June 30, Keys posted income of more than $1.2 million in 2014 and continues to show strong earnings.
Chartered in 1940, Keys FCU is the oldest financial institution in the Florida Keys. It serves 10,624 members and has assets of $121.1 million.
Membership at Keys is open to individuals and their family members, who live, work, worship or attend school in Monroe County, Fla.