Keys Federal Credit Union, a $121-million institution based in Key West, Fla., announced the formation of a new volunteer board of directors and supervisory committee, just one week NCUA took Keys FCU out of conservatorship.
The personnel involved comprise: Ron Demes, chairman of the board; Jonathan Crane, board treasurer; Denise Rohrer, chairperson of the supervisory committee; Carrie Helliesen, secretary of the supervisory committee; Denise Preuss, director and supervisory committee member; Greg Sullivan, vice chairman of the board; and John Mumford, board secretary.
NCUA had placed Keys FCU into conservatorship in September 2009. Since that time, NCUA noted, the credit union continued to make operating changes resulting in a reported net worth ratio of 5.75% as of June 30, 2015. Keys FCU also recorded income of more than $1.2 million in 2014 and continues to show "strong earnings."
Keys was the first credit union since 2013 to emerge from NCUA conservatorship.
