Press
Keys Federal Credit Union reports 2013 financials
KEY WEST, FL (January 31, 2014) – Keys Federal Credit Union showed continued progress in 2013, expanding member services and reporting a net worth ratio gain of 37 basis points for the year ending Dec. 31.
Keys, operating under the conservatorship of the National Credit Union Administration, posted year-end 2013 net income of $307,672. Total assets at the end of the 2013 stood at $120.5 million, down slightly from $124.2 million at year-end 2012. With the improvement of 37 basis points, Keys’ net worth ratio at year’s end was 4.07 percent.
“Keys’ restructuring efforts continued in 2013 to provide members greater access to services and products like mobile banking and credit cards,” said Myra Toeppe, NCUA Region III Director and Agent for the Conservator. “We are encouraged by the credit union’s steady progress.”
Keys voluntarily entered into conservatorship by NCUA in September 2009. Since then, NCUA, the Keys’ management team and the credit union’s staff have worked to improve the credit union’s financial condition and maintain services for the credit union’s almost 10,000 members. Deposits at Keys Federal Credit Union remain protected up to $250,000 through the National Credit Union Share Insurance Fund.
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 U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 96 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.