Keys FCU in Florida Removed from NCUA Conservatorship

Regulators have removed Keys Federal Credit Union in Florida from a conservatorship and returned control of the institution to its members.

NCUA placed the $121 million-asset Keys FCU under voluntary conservatorship in September 2009, after it reported more than $8.2 million of delinquent loans.

Since then, it has improved its financial performance. It reported net income of $1.2 million in 2014, and it has posted a net worth ratio of 5.75% at June 30, up from 2.37% during its first year of conservatorship.

Keys FCU is the first credit union since 2013 to have an NCUA conservatorship lifted.

The Key West, Fla., credit union has about 10,620 members and operates three branches in the Florida Keys.