Celebrating 82 Years of Service

As the oldest financial institution in the Keys, Keys Federal Credit Union has helped generations of locals build wealth and save money. Founded by locals in 1940 and located throughout the Keys with six branches, Keys Federal Credit Union is a not-for-profit financial institution with a local volunteer board of directors. Our story begins when 9 civil service workers from Naval Air Station Key West pooled $110 in a cigar box or an average of $12 apiece to help the people in their community who needed loans. $110 equates to about $2,191 today.

Today Keys FCU is still focused on Locals helping Locals but garnishes local, regional, and national attention for its sound business practices, financial education initiatives, and dedication to the community. How does Keys Federal Credit Union earn these designations? According to Maggie Sayer, President & CEO of Keys Federal Credit Union, “As locals ourselves, we try to respond to what our community needs. We’ve expanded our products and services and even our brick-and-mortar branches to serve the community further while also investing in the technology that makes those services convenient.”

Little did our founders know that they were beginning what is now an 82-year-old not-for-profit financial institution that still serves people who live and work in the Florida Keys.

In the late 1930s thousands of Civil Service workers came to Key West to reopen our military bases and update our infrastructure. At the time there was only one bank, for business accounts, in Key West. To fill the community’s need for affordable financial services for people, our founders pooled their resources and opened NavSta Federal Employees Federal Credit Union, to serve federal employees in the Lower Keys, on October 26, 1940.

Today there are 5 military bases in the Lower Keys that incorporate approximately 5,000 service members, their families and civilian employees.

NavSta Federal Employees Federal Credit Union (FEFCU) was created by 9 Civil Service employees who pooled $110 together in a cigar box to help the Key West community prosper. From the beginning “locals helping locals” has been our mission. We succeed by investing in our community through financial education, and helping you save money with affordable financial services.

Like all businesses, we had our share of losses. In the late 1940s we made some mistakes that almost closed the credit union. Fortunately, the Keys community came together, and a local car dealer donated the first new car he was shipped after the war for us to raffle. Our Board was able to raise $8,000 with the raffle and save the credit union for future generations!

We believe in “locals helping locals” because, like you, we live and work here too! It takes a village to succeed in the Keys.

As a cooperative financial institution, we use the money in savings accounts to make loans. Fortunately, our cooperative spirit was alive and well in 1941, when we loaned out all but $75 of our members’ savings. That day several members came in to borrow $25 each. Luckily, another member was there to deposit $100! His deposit gave us enough money to make all the loans! That’s how credit unions work, we pool our money together to help each other.

In 1940:

• Truman Ave. was called Division St.

• Apartment rent averaged $20 a month

• The Key West Citizen cost .05 cents

NavSta Federal Employees Federal Credit Union did not have paid employees. We were fully staffed by volunteers. County Commissioner and Mayor Emeritus Monroe County Wilhelmina Harvey was a long time member and volunteer on our Board of Directors. She also served as our Treasurer in the 1940s, managing the credit union finances from a cash box in her desk drawer, because we didn’t have branches yet.

In 1958 the Secretary of the Navy and local military leaders wanted their squadrons to benefit from the affordable financial services offered at our credit union too. NavSta FEFCU mobilized to open its doors to military personnel. Our volunteer employees visited each base on payday to pick up member’s deposits.

In January 1959, NavSta Federal Employees FCU opened its membership to over 10,000 active military personnel and their families in Key West.

To better reflect our community, we became Navy KWest Federal Credit Union in 1960. Our field of membership grew to include local military personnel and everyone who lived or worked south of the Seven Mile Bridge and their extended family members.

Today, your savings at Keys FCU are federally insured up to $250,000 by the NCUA.

In the 1970s our local economy changed, the military closed the Key West Submarine Base and reduced the number of local military personnel. We adapted to these changes by becoming a community-based credit union and offering affordable financial services to everyone who lived or worked south of the Seven Mile Bridge, their extended family out of town, and our local military community.

Keys FCU supports our local military with over $14,000 a year in sponsorships and contributions.

In 1978 to serve our growing membership, we opened a tiny office in an old guard shack in Peary Court. The location was so small, that lines of members spilled out the door. These lines attracted a lot of attention and ironically even more new members. People couldn't wait to get inside to save money!

Our membership fee has remained $5.00 since 1978! That’s a value of $19.87 in today’s money. Even with our investments in technology and fee services, it’s still only $5.00 to join.

#MembershipisREWARDING

The early 1980s brought new life to our credit union. We began using our very first computer system and offered checking accounts for the first time in 1981. We even designed our new Peary Court branch with our first drive thru lanes and a 24-hour ATM!

We celebrated the Grand Opening of our Peary Court branch on February 7, 1985. Prizes included a color television and a home computer with printer.

In 1985, we signed a 25 year lease with the Navy for our main office in Peary Court. Navy KWest Federal Credit Union held a Grand Opening Ceremony with all our employees, founding members, military leaders, and local officials in 1986! Do you recognize anyone in this photo?

In December 1985, Keys FCU offered New Auto Loans and Mortgages from 11.5% APR, Used Auto Loans from 14%APR , and Personal Loans from 15%APR*.

*Annual Percentage Rate

At our 50th Anniversary in 1990, then President George A. Hammerton honored our founders and volunteers by saying: “Without the dedication and hard work of volunteers, credit unions like Navy KWest would not be in existence. It is because of their work, and because of the loyalty of all our members that we are here today.” Mr. Hammerton then recognized long time employees and financial pioneers Mrs. Lena Gamble and Mrs. Ingrid Ford for serving the credit union since 1966.

NavSta Federal Employees FCU did not have paid employees or branches. We were staffed by volunteers who worked from their homes until Mrs. Gamble and Mrs. Ford were hired in 1966.

In 1993 we became Keys Federal Credit Union to offer affordable financial services throughout the Keys. Our membership expanded to include everyone who lives or works in the Florida Keys, their extended family, our local military, businesses and non-profit organizations. Unlike other financial institutions, we’ve only changed our name to better represent the community we serve, not because we were bought, merged, or sold.

In 1990, CUNA and the Florida Credit Union League selected Navy KWest Federal Credit Union as the winner of the Dora Maxwell Award for Social Responsibility for our community volunteer and sponsorship initiatives.

Thanking Our Members

We invited the entire Keys community to our 60th Birthday Bash in Bayview Park on September 30, 2000! Everyone had a chance to win fabulous prizes, enjoy live music, and fill up on food and drinks. The cake was cut by former Treasurer Wilhelmina Harvey and CAPT. Larry Cotton, Commanding Officer of NAS Key West.

Millennials were born during our 60th year of service. We’re thankful to them for helping us introduce and adapt to the technology Keys FCU members use to manage their accounts around the world today; mobile apps, smartphones, social media and electronic transfers.

Our 75th Anniversary Celebration

In celebration of our 75th year of service to the Keys, we held multiple member appreciation events in our branches and introduced new debit cards with an original painting by Keys FCU’s Andy Thurber. We also distributed new EMV Chip Debit and Credit Cards to protect members from fraud. To top it off we helped our members save over $2 million through loan refinancing during our 2015 Million Dollar Savings Challenge!

Our Southard Street and Marathon teams posted a collage of historical photos donated by members and treated members to cake and Keys FCU goodies as part of our celebration.

Proclaiming Keys FCU Day

The Key West City Commission proclaimed October 26, 2015 as Keys Federal Credit Union Day in honor of the 75 years Keys FCU has served the community with affordable financial services. Keys Federal Credit Union’s President & CEO Scott Duszynski said; “Thank you to all the residents of Keys West and Monroe County, we will continue to be here for years to come to support everyone within our community.”

Keys FCU contributed over $40,000 to the Keys community, including the United Way of the Keys, The Florida Keys SPCA (SHARK), and Womankind during our 75th Anniversary Celebration.

Investing In Marathon

NOW OPEN! Keys FCU is also excited to bring more convenience and savings to Marathon! We’ve opened a NEW Marathon branch that’s conveniently located in the center of town right on U.S. 1 Southbound with the latest technology and plenty of parking.

Keys FCU is proud to serve the Marathon community for over 40 years! Thank you for letting us serve you longer than any other financial institution in the Florida Keys!

Mobilizing to Serve

After enduring multiple hurricanes over the past 80 years, Keys FCU purchased a mobile branch named the “Savings Express” to serve members wherever we are needed. The Savings Express is perfect for supporting community events as a booth space with ATMs. Our mobile branch acts as a self-sufficient back up to our phone center and bank branches during power outages and disaster recovery efforts.

Thank you for making us a local credit union with a global reach! With today’s technology, you can manage your accounts anywhere in the world with Keys online, mobile banking, and card apps.

Keys FCU also received the America Saves Designation of Savings Excellence Award from 2015-2018 for our Military Saves financial education and savings programs at NAS Key West.