KEY WEST, Fla. –Keys FCU is out of conservatorship. It is the first CU to emerge from conservatorship since 2013, according to NCUA.
NCUA said it has returned control of the credit union to its members, after taking control in September 2009. At that time, KFCU had a net worth ratio that had declined to 2.37%. NCUA said that operating changes that have been made have allowed it to improve net worth to 5.75% as of June 30. It also posted income of more than $1.2 million in 2014 and "continues to show strong earnings," NCUA said.
“Although a long time in coming, the recovery of Keys Federal Credit Union is a great success story,” NCUA Board Chairman 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.”
Chartered in 1940, Keys Federal Credit Union is the oldest financial institution in the Florida Keys. Keys serves 10,624 members and has assets of $121.1 million.