MIAMI – Dade County FCU yesterday agreed to merge into it ailing Keys FCU, a Key West-based credit union that has been under NCUA conservatorship since last September.
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Keys FCU, a one-time $212 million credit union, reported losses of $4.9 million for 2009 and $1.4 million for the first quarter of 2010, as its assets declined to just $156 million.
Dade County, a $505 million credit union that reported a $430,000 loss for the first quarter, is expected to receive minimal assistance from NCUA under the terms of a purchase and assumption.
Keys FCU, based in the southernmost tip of a string of Florida islands south of Miami known as the Keys, will retain its name for now and operate its five branches as a subsidiary of Dade County FCU.
