ALEXANDRIA, Va. (Sept. 23, 2015) – Keys Federal Credit Union, of Key West, Florida, is once again under the control of its members, the National Credit Union Administration announced today.
“Although a long time in coming, the recovery of Keys Federal Credit Union is a great success story,” NCUA Board Chairman Debbie Matz said. “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.”
NCUA placed Keys into conservatorship in September 2009. In the first year, the credit union’s net worth ratio fell to 2.37 percent. Since then, the credit union has continued to make operating changes resulting in a reported net worth ratio of 5.75 percent as of June 30, 2015. Keys posted income of more than $1.2 million in 2014 and continues to show strong earnings.
Keys is the first credit union since 2013 to emerge from NCUA conservatorship.
Chartered in 1940, Keys Federal Credit Union is the oldest financial institution in the Florida Keys and next month will celebrate 75 years of offering affordable financial services. Keys serves 10,624 members and has assets of $121.1 million. Headquartered in Key West, Keys operates three branches. Membership at Keys is open to individuals and their family members, who live, work, worship or attend school in Monroe County, Florida.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share
Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of
state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.