KEY WEST, Fla. – NCUA yesterday took under conservatorship Keys FCU, the largest credit union in the Florida Keys, which has been troubled by poor real estate loans.
The one-time $212 million credit union reported a $1.8 million loss for 2008 and a $2.4 million loss for the first six months of 2009, while its assets had fallen to $180 million.
Keys FCU is the second large Florida credit union taken over this year by NCUA, which took $1.8 billion Eastern Financial Florida CU under conservatorship in April. Eastern Financial was later merged into Space Coast CU.
Service to Keys FCU’s 13,000 members will continue uninterrupted, according to NCUA. Members can continue to conduct normal financial transactions – deposit and access funds, make loan payments and use share drafts.
