KEY WEST, Fla. – NCUA said over the weekend it is looking for a new manager for troubled Keys FCU after the departure of Bob Watson, who has headed the one-time $200 million credit union for more than a year.
Watson, who became CEO after 2008, survived the September take-over of the troubled credit union by NCUA, which ousted the board but retained the manager at the time.
The largest credit union in Florida’s keys, a 175-mile string of islands south of Miami, Keys FCU, now just $174 million, reported a $2 million loss for the third quarter and a $4.4 million loss for the first three quarters of the year.
The credit union still faces a lawsuit brought by its former president, John Dolan-Heitlinger, who was fired in November 2007 after 16 years with the credit union. Dolan-Heitlinger is suing for more than $700,000 in severance, compensation and retirement.
