The NCUA placed Keys Federal Credit Union of Key West, Fla. into voluntary conservatorship today.
The 13,000-member credit union with assets of $180 million had a 22.5% decline in assets during the second quarter of this year
As of June 30, its net worth was 7.06%, down from 8.62% as of June 302008, according to its report filed with the NCUA. The report showed that 4.9% of its loans were delinquent, compared with 0.39% as of June 30, 2008.
The credit union's return on average assets was -2.64%, compared with -0.24% on June 30, 2008.
