18 Dec

Keys to success: A conservatorship success story

first_img 16SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Debbie Matz Debbie Matz was nominated by President Barack Obama to serve as the eighth board chair of the National Credit Union Administration (NCUA). After confirmation by the U.S. Senate on … Web: www.ncua.gov Details This is the success story of Keys Federal Credit Union in Key West, Fla., which recently, against all odds, was returned to its members after the longest conservatorship in NCUA history.When placed into conservatorship, Keys was all but dead in the water. The story of how this unstable credit union reversed course and is now thriving is one of collaboration and determination.Setting SailKeys Federal Credit Union is the oldest financial institution in the island chain known as the Florida Keys. It was chartered in 1940 to serve Key West Naval Air Station employees.The field of membership expanded in 1994 to a community charter serving all islands in the chain. It ultimately reached more than 10,000 members and $120 million in assets.The Perfect StormHowever, the credit union was knocked far off course by the financial crisis that began in 2008. The crisis depressed tourism throughout the Florida Keys, causing massive job losses and a 50 percent drop in real estate values.Complicating these unfortunate circumstances, Keys was weighed down by heavy concentration risk. Real estate loans accounted for more than 67 percent of the portfolio and almost 900 percent of net worth.By September 2009, the delinquency ratio loomed above 5 percent; the net charge-off ratio was closing in on 1 percent; and operating losses swelled to $5 million.Keys had already undergone a change in management, and the Chairman was attempting to merge with another Florida credit union. When that merger fell through, directors of Keys consented to a voluntary conservatorship.On Sept. 24, 2009—one month after I was sworn in as NCUA Board Chairman—the NCUA Board voted unanimously to conserve Keys in order to protect the National Credit Union Share Insurance Fund.Navigating Stormy SeasDuring the first year of conservatorship, loan losses continued to rise and the net worth ratio plunged to 2.4 percent by September 2010.Given its declining trajectory, Keys was on course to cost the Share Insurance Fund as much as $20 million. But NCUA’s Conservatorship Board had a different vision: to turn Keys around and prevent those losses.In early 2011, the Conservatorship Board made tough decisions to close two branches, reduce staff, renegotiate contracts, and temporarily suspend the real estate and member business lending programs that had caused deep losses. To boost consumer lending, the main office was relocated to a more visible retail location.In May 2011, the Conservatorship Board hired Scott Duszynski as President/CEO. Scott had worked at Keys for 15 years in operations, accounting, strategic planning, and information technology. In addition to his strong credentials, he maintained a strong presence in the local community and positive working relationships with staff and members.At the direction of the Conservatorship Board, Scott immediately implemented significant operational changes. He also began working to strengthen Keys’ relationship with the Navy community and reestablish the credit union’s presence in the field of membership. Righting the ShipImprovement was slow. It wasn’t until the end of 2012 that the local economy showed signs of recovery. Delinquency and loan losses were finally receding, and the credit union started to turn around.At the beginning of 2014, when Myra Toeppe became the new NCUA Region III Director and the Agent for the Conservator of Keys, the Conservatorship Board realized additional, fundamental changes were needed if the credit union was ever to be returned to the membership.This required a revised Net Worth Restoration Plan and development of a realistic, viable business model. Operations were further streamlined; fees were raised to reasonable levels, and loans were shifted from real estate to autos and credit cards.With these changes, earnings improved substantially. Incredibly, return on assets in 2014 topped 1 percent, and in the first half of 2015 approached 1.4 percent. Even more remarkably, Keys outperformed its Net Worth Restoration Plan for four consecutive quarters, and by September 2015 had a net worth ratio approaching 6 percent.Charting the Future CourseBefore returning the credit union to its members, the Conservatorship Board established an Advisory Board of seven qualified and motivated volunteers who would form the credit union’s board of directors and supervisory committee. The seven volunteers were long-time credit union members with varied backgrounds and strong ties to the community.These enthusiastic volunteers participated in numerous educational courses and attended monthly meetings with the Conservatorship Board and NCUA staff to gain an understanding of the duties and responsibilities required of credit union board members. After two years working with the Advisory Board, the Conservatorship Board determined that these seven dedicated individuals were ready and able to guide Keys into the future.Celebrating SuccessAlthough a long time in coming, Keys Federal Credit Union is a conservatorship success story. As counterintuitive as it may seem, this conservatorship ultimately saved the credit union from failure and saved the Share Insurance Fund from millions of dollars in losses. In doing so, it provided members with continued access to the affordable financial services they have come to expect for 75 years.This remarkable recovery was made possible through the collaborative efforts of Keys’ management and staff, the Advisory Board, NCUA staff, and the loyal members who stuck with their credit union through turbulent times.Through sheer determination and commitment by the management and Conservatorship Board, willingness to reshape the business model and make very tough decisions required to stabilize and revitalize the credit union, Keys will remain open to many generations of local residents—hopefully for at least another 75 years.last_img read more

20 Nov

Biden names Ron Klain, a decades-long confidant, as his chief of staff.

first_img“His deep, varied experience and capacity to work with people all across the political spectrum is precisely what I need in a White House chief of staff as we confront this moment of crisis and bring our country together again,” Mr. Biden said.- Advertisement – WILMINGTON, Del. — President-elect Joseph R. Biden Jr. named Ron Klain, a veteran Democratic operative and a decades-long confidant, to be his White House chief of staff on Wednesday, the first step toward putting in place his administration’s senior leadership.Mr. Klain, a lawyer with deep experience on Capitol Hill, advising President Barack Obama and in corporate board rooms, served as Mr. Biden’s chief of staff when he was vice president and has been seen for months as the most likely choice to manage his team in the White House. Known for steady nerves, he also has a fierce wit, which he has frequently unleashed on President Trump on Twitter.- Advertisement – Advisers have said that Mr. Biden will announce other top White House staff members in the coming days, even as Mr. Trump refuses to accept the results of the election, tweeting “WE WILL WIN!” on Wednesday evening. – Advertisement – He was particularly critical of Mr. Trump’s handling of the coronavirus pandemic, having served as the “Ebola czar” under Mr. Obama during an outbreak of the deadly disease in 2014. A video of Mr. Klain lecturing Mr. Trump about the pandemic was widely viewed during the campaign.In a statement, Mr. Biden called Mr. Klain an “invaluable” adviser, noting in particular the work they did together during the economic crisis in 2009 and the Ebola outbreak. Mr. Klain has gone in and out of government over the past several decades, at times practicing as a lawyer and later working with Steve Case, the founder of AOL, in a venture capital investment firm called Revolution.Mr. Klain thanked his well-wishers in a tweet on Wednesday night, saying that he was “honored by the President-elect’s confidence” and that he would “give my all to lead a talented and diverse team in a Biden-Harris” White House.The choice of Mr. Klain, 59, who first went to work for Mr. Biden in the late 1980s when Mr. Biden was a senator from Delaware and Mr. Klain was a recent graduate of Harvard Law School, signals that the president-elect intends to rely on a tight circle of Washington insiders who have been by his side for years.- Advertisement – Mr. Biden is not likely to reveal his cabinet picks until around Thanksgiving, several people close to the transition said.last_img read more

21 Sep

Mackay tips Campbell for England

first_img “When the goals went in it was something quite incredible,” he said. “The stadium, the team, the staff and the fans did us proud in front of a worldwide audience. “The passion the people have got for this showed when the goals went in. “It is something that is going to be massively important for us going forward. They are our 12th man.” Despite conceding two goals at set-pieces, Pellegrini refused to single out any of his defenders or keeper Joe Hart, who hesitated when deciding whether to come for the ball for the first of Campbell’s brace. He said: “I have not seen them yet, but defending set-pieces is the duty of all the team. Not just the goalkeepers and the defenders. “It does not matter who is guilty with the two corners, conceding from two corners is too much, it is too important an area. “When we scored the first goal I thought it would be easier for us as we were playing a team defending with 10 players inside their box. “It was very difficult for us and I think while we did not do a very good match we did not play badly. “We had the patience to try and score, we did it but it was a pity with the two corners.” Few had given the Welsh club a chance of pulling off an upset in their first Barclays Premier League home game, and they fell behind to Edin Dzeko’s stunning strike early in the second half. But they hit back as Aron Gunnarsson tapped in from close range before Campbell lost Pablo Zabaleta twice from corners to head home and spark scenes of delirium at Cardiff City Stadium. Malky Mackay backed Fraizer Campbell to force his way into the England squad after the striker grabbed two goals in Cardiff’s stunning 3-2 win over Manchester City. Alvaro Negredo got a goal back for City in stoppage time, and spurned a last-gasp chance for an equaliser, but it was not enough as manager Maneul Pellegrini was given a rude awakening after their handsome opening win over Newcastle. Campbell’s career has been heavily affected by injuries since making his breakthrough at Manchester United, but his pace constantly troubled Joleon Lescott and his stand-in defensive partner Javi Garcia. His manager believes performances of this quality mean he could soon be adding to his solitary England cap. Mackay said: “I thought Fraizer Campbell gave their whole back four problems today. “He is someone I was delighted to get when we managed to get him in from Sunderland for £600,000. I thought it was an incredible bit of business on our behalf and he hit the ground running. “He needed to get fit and he needed to get sharper and he needed to regain belief in his own ability and that is what we gave him. “He worked hard over the summer and I now think I have a player there who has had an England cap and, over the piece, I think could force his way back into that squad if he keeps his head down and keeps working and playing like that against top, top players.” Mackay also praised the raucous support his side received from the 27,000-strong crowd as they claimed one of the most famous wins in the club’s history. Press Associationlast_img read more

14 Aug

Students share their thoughts on the FCA weekend that was at the Rock Springs 4-H Camp

first_imgClick here for a larger version of picture: by Tracy McCue, Sumner Newscow — For years, the Fellowship of Christian Athletes of Wellington load a bus and travel north to the Rock Springs 4-H Camp, south of Junction City, to participate in a weekend filled with sports activities intermixed with bible teaching and life lessens.Last weekend, 30 high school and 15 middle school students from Wellington got into a van very early Saturday morning to make the trip.  Once there each camp participant was assigned a “huddle” for the weekend – in which a group will play basketball, volleyball, soccer, long base and a few others.The team with the best record at the end of the weekend won the “towel”.  Huddles also had huddle time which include discussions from the bible and life lessons.  Everyone meets together for meals and for chapel time.  Chapel is a time for praise/worship songs and the main speaker.  The speaker for the weekend was a man named Jason Epperson.The theme for the weekend was “All In” for Jesus.The following are some of the weekend proses written by a few of those attending: “This year is the first year I decided to do FCA. FCA Conference was an experience I will never forget. At first, I was pretty “iffy” about the whole thing on whether or not I wanted to go, but in reality, I really didn’t know what I had been missing out on until I got there. It makes me wish I would’ve gone since my freshman year. Talking in my huddle about Jesus and going to chapel really got to me. Jason was an incredible preacher, and his message really clicked and stuck with me.  It made me realize that as long as you have faith in God, and go ALL IN, anything is possible.” — Jon Ryberg. “I had the privilege of being able to attend FCA Conference for my third time. Not only was it a great experience but Wellington was the biggest school there with 40 students.  One of my favorite things about Conference is getting to grow closer to God with some of my classmates. One of the many speakers there spoke out to me the most. His message was that I am too blessed to be stressed and I shouldn’t be because God will help me through anything. So, I’ve challenged myself to give compliments and encourage multiple people throughout my day and to be a light in our hallways.” — McKenna Oathout. “FCA conference never seems to fail. It’s a chance to grow in your faith, better yourself as a person, and become closer with your classmates. The hype that the FCA huddle members bring back into the hallways after a long weekend at conference, is something no one can deny. Students without a doubt can tell God has made a difference in each of our lives. FCA allows students at WMS and WHS to meet new people, and really expand in your knowledge of our savior. We are so lucky to have a school district that allows our group to be based out of our schools, and we are so so grateful to have such a large Huddle with more that 40 students attending each week. Its awesome to see your classmates pumped about Jesus! The most comforting feeling in the world is to know that you don’t stand alone in your walk with God.” — Allison McCue.Follow us on Twitter. “This was my first year attending the FCA conference, yet I have been to many things with my youth group just like it so no I didn’t feel weird or out of place. I felt the exact opposite actually. This was one of the best experiences of my life. From my AWESOME huddle to the fun activities to the CRAAZZYY chants to the amazing chapel service, I never wanted to leave. This was a time for me to further my walk with God and and just grow closer to him, and it made it easier to do that having so many other Christians my age around. The theme this year was going “All In” for God and I truly believe that’s where I am in my walk with him. I have made life long friendships and I have became a better leader from this conference. Yes, JESUS IS THE BEST THING I EVER FELT, I GET CRUNK ALL BY MYSELF!! (One of our many chants) — Katie Ledbetter. 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Thank you for your input. 0 Vote up Vote down Guest · 306 weeks ago Sounds like a wonderful experience for Wellington youth, positive and inspirational. Thanks for sharing some of your feelings and keep up the good work. Everyone can use some kind of encouragement or simply a positive remark. Wellington has so many young role models! Report Reply 0 replies · active 306 weeks ago Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new commentslast_img read more