The $121 million, 10,624-member Keys Federal Credit Union in Key West, Fla. is once again under the control of its members, the NCUA announced Wednesday.
“Although a long time in coming, the recovery of Keys Federal Credit Union is a great success story,” NCUA Board Chairman Debbie Matz said. “This remarkable recovery was made possible through the collaborative efforts of Keys' management team and staff, its advisory board, NCUA staff, and the loyal members who stuck with their credit union through turbulent times.”
The NCUA placed Keys FCU into conservatorship in September 2009. In the first year, the credit union's net worth ratio fell to 2.37%, and since then, the credit union has continued to make operating changes resulting in a reported net worth ratio of 5.75% as of June 30, 2015, the agency said. Keys posted income of more than $1.2 million in 2014 and continues to show strong earnings, the NCUA added.
Keys is the first credit union since 2013 to emerge from NCUA conservatorship.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
