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CU System
Dade County FCU to acquire CU thats in conservatorship
DORAL, Fla. (5/27/10)--Dade County FCU, located near Miami, Fla., will acquire Keys FCU, a credit union that was placed in conservatorship last fall by the National Credit Union Administration (NCUA), said Dade County FCU and NCUA officials. "NCUA has chosen us and we're still in the process of finalizing the merger," said Dade County FCU CEO George Joseph. He told News Now that the emergency merger is approved but not final as of Tuesday. John McKechnie, NCUA's director of congressional and public affairs, also confirmed that Dade County FCU was awaiting final approval on the merger. NCUA had invited several credit unions to prepare bids to acquire Keys FCU, a $156 million asset credit union in Key West, Fla. It has 13,000 members served by five branches. Keys FCU had a delinquent loan ratio of 2.26% on March 31, compared with 5.06% at the end of December. In September the ratio was 5.04%. Its net worth at the end of March was 5.67%, compared with a December net worth of 6.17%., according to NCUA statistics. Dade County FCU will benefit from the merger in that it can extend its field of membership reach from Miami/Dade County to Monroe County and the Keys, Joseph told News Now. The acquisition means Dade County will have 17 branches plus a mobile branch serving more than 80,000 members. Its assets will total $650 million, Joseph said. He added that once the official papers are signed, the merger could be complete in "two to three weeks." The process moves faster because it's classified as an emergency merger.


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