Dade County FCU is awaiting approval from the NCUA on its request to take over Keys FCU, which the NCUA placed into conservatorship last September.
Keys FCU, a 13,000-member $156 million credit union, like many financial institutions in the sand states, has been severely undercapitalized and suffered losses in its loan portfolio.
NCUA Director of Public and Congressional Affairs John McKechnie said the approval process has begun, but the merger hasn't been completed.
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