Keys Federal Credit Union of Key West, Florida

Following in the footsteps of two recent credit union closures, NCUA took into voluntary conservatorship Keys Federal Credit Union of Key West, Florida.

The NCUA placed Keys Federal Credit Union of Key West, Florida into conservatorship today.

The 13,000-member credit union with assets of $180,000, had a 22.5% decline in assets during the second quarter of this year

As of June 30, its net worth was 7.06%, down from 8.62% as of June 302008, according to its report filed with the NCUA. The report showed that 4.9% of its loans were delinquent, compared with 0.39% as of June 30, 2008.

The credit union’s return on average assets was -2.64%, compared with -0.24% on June 30, 2008.

<>

Posted in CREDIT UNION CONSERVATORSHIPS | No Comments »