Troubled Keys FCU Back On The Market

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KEY WEST, Fla. – NCUA said today that ailing Keys FCU, the one-time $210 million credit union that has been operating under federal conservatorship since last September, is back on the market after a proposed deal to merge it into Miami’s Dade County FCU fell apart.

Sources familiar with the situation said a final deal could not be reached and that NCUA is exploring other options to resolve the Florida Keys’ biggest credit union.

The now $150 million credit union reported a $1.4 million loss for the first quarter, after losses of $4.9 million for 2009 and $1.8 million for 2008.

Dade County FCU, one of south Florida’s biggest credit unions with more than $500 million in assets, itself reported losses for the first quarter of $432,000, but had strong net worth of 11.2% at March 31.

Officials with Dade County FCU were not available to comment.

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