KEY WEST, Fla.–Keys Federal Credit Union has a brand new volunteer board and supervisory committee, its first since 2009. Keys FCU recently emerged from NCUA conservatorship, the first CU to do so since 2013.
“We are fortunate to have this diversified team of highly qualified, community minded, long-time Keys Federal Credit Union members as our board of directors,” said President and CEO Scott Duszynski. “They completed numerous educational courses to gain an understanding of the duties and responsibilities required of credit union board members. After several years of working together, they are eager to guide Keys FCU into the future.”
NCUA placed Keys FCU into conservatorship in September 2009. At that time, KFCU had a net worth ratio that had declined to 2.37%. NCUA said that operating changes that have been made have allowed it to improve net worth to 5.75% as of June 30. It also posted income of more than $1.2 million in 2014 and "continues to show strong earnings," NCUA said.
Chartered in 1940, Keys Federal Credit Union is the oldest financial institution in the Florida Keys. Keys serves 10,624 members and has assets of $121.1 million.