Press
Keys Federal Credit Union restructuring continued in 2014
KEY WEST, FL (February 20, 2015) — Focusing on greater efficiency and consumer lending led to improved performance for Keys Federal Credit Union during 2014.
Operating under the conservatorship of the National Credit Union Administration, Keys posted a net income of $1.2 million for the year ending Dec. 31, 2014. The annual net income was nearly four times the $307,672 net income for 2013. Total assets at the end of the fourth quarter stood at $117.7 million, a slight decline from $120.5 million a year earlier. For the year, the net worth ratio improved by 114 basis points to 5.21 percent. Total loans grew by $4 million in 2014, with the majority of the increase in auto lending.
“Keys’ restructuring efforts continued in 2014,” said Myra Toeppe, NCUA Region III Director and Agent for the Conservator. “By focusing on strengthening core earnings, Keys’ management team and staff were able to make significant progress toward generating strong earnings to rebuild capital.”
Keys voluntarily entered into conservatorship by NCUA in September 2009. Since then, NCUA and the credit union’s management team and staff have worked to improve Keys’ financial condition and maintain services for the credit union’s 10,217 members.
Deposits at Keys Federal Credit Union are insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000.
Chartered in 1940, Keys operates three full-service branches in Florida’s Middle and Lower Keys. Membership is open to individuals and their family members who live, work, worship or attend school in Monroe County, the municipal boundary of the Florida Keys. For more information, visit http://keysfcu.org/.
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 more than 98 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.