The $121 million, 10,624-member Keys Federal Credit Union in Key West, Fla. is once again underthe control of its members, the NCUA announced Wednesday.
|“Although a long time in coming, the recovery of Keys FederalCredit Union is a great success story,” NCUA Board Chairman DebbieMatz said. “This remarkable recovery was made possible through the collaborativeefforts of Keys' management team and staff, its advisory board,NCUA staff, and the loyal members who stuck with their credit unionthrough turbulent times.”
|The NCUA placed Keys FCU into conservatorship in September 2009.In the first year, the credit union's net worth ratio fell to2.37%, and since then, the credit union has continued to makeoperating changes resulting in a reported net worth ratio of 5.75%as of June 30, 2015, the agency said. Keys posted income of morethan $1.2 million in 2014 and continues to show strong earnings,the NCUA added.
|Keys is the first credit union since 2013 to emerge from NCUAconservatorship.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.