Keys Federal Credit Union of Key West, Florida has been placed into conservatorship by the National Credit Union Administration (NCUA) on September 24, 2009. NCUA plans to continue credit union operations with continued uninterrupted service to members.

Members of Keys Federal Credit Union can continue to conduct normal financial transactions - deposit and access funds, make loan payments and use share drafts. Keys FCU is a full service credit union with assets of $180 million. The decision to conserve a credit union enables the institution to continue normal operations with expert management in place correcting previous service and operational weaknesses.

All credit union member deposits are insured up to at least $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), a federal fund managed by NCUA and backed by the full faith and credit of the U.S. Government.

The Federal Credit Union Act authorizes the NCUA Board to appoint itself conservator when necessary to conserve the assets of a federally insured credit union, protect members’ interests or protect the NCUSIF.