KeyBank Earns Sixth Consecutive 'Outstanding' for Community Reinvestment
Published 08-16-05
Submitted by KeyBank
CLEVELAND, OH - KeyBank today received its sixth consecutive "outstanding" from the Office of the Comptroller of the Currency (OCC) for exceeding terms of the Community Reinvestment Act (CRA) in meeting community credit needs, including low- and moderate-income (LMI) neighborhoods and citizens. The rating places Key within the top 14 percent of all U.S. banks.
Administered by the OCC since Congress passed the act in 1977, the CRA exam rates financial institutions in the areas of lending, investment and service, with bank examinations evaluating mortgage; retail and small business banking; and community development lending, investments and service.
Examiners cited Key for "good" overall lending performance under the Home Mortgage Disclosure Act; "excellence" in small business lending and a "substantial volume" of community development lending in every rated area. Also cited is KeyBank's "excellent" level of qualified investments in its 12-state service area and "excellent" branch and ATM accessibility in LMI areas in six states representing 66 percent of bank-wide deposits at Key, with "good" accessibility cited in the remaining states.
Since its last exam in 1999, Key and its community development bank have helped stabilize and revitalize businesses and organizations in LMI neighborhoods across the country by providing $1.4 billion in community development loans and financing for affordable housing; $8.8 billion in small business loans; $500 million in investments; $18 million in contributions; and 200,000 hours of community service.
"Our community reinvestment rating reflects the hard work and creativity of communities and organizations like those throughout Northeastern Ohio that are committed to sustaining economic vibrancy," says Lisa Oliver, president of the KeyBank Greater Cleveland District. "It's also a testament to our dedicated employees and community partners who are actively driving relationships that are making a difference."
Key's receipt of the OCC's highest ranking is exemplified by the following Cleveland projects:
Lending:
KeyBank financed $2.3 million of the Fairfax neighborhood's $5.6 million senior housing project, The Renaissance at Fairfax Park, and provided a $925,000 permanent mortgage. The three-story 54-unit multifamily building provides housing to those with incomes at or below 42 percent of Area Gross Median Income. (9/04)
KeyBank financed $9.9 million of the $16 million Quincy Place, the first new commercial building on Quincy Ave. in more than 40 years. The 85,000 square-foot facility brought approximately 270 jobs to the Fairfax neighborhood. (6/02) Note: Key Community Development Lending has financed approximately $17 million in Fairfax neighborhood and related strategic revitalization projects since 2000.
KeyBank provided a $3.2 million loan and permanent mortgage financing for the $8.2 million Bridge Square Project. Property values in the Detroit Shoreway neighborhood are appreciating with the return of decent, safe and clean affordable housing close to transportation, retail and other services following years of dilapidation and crime that culminated in the mid 1990s. (9/02)
KeyBank provided $3.1 million in Construction Financing for the Larchmere Lofts, a 16-unit 5-story luxury condominium and the first new construction, mid-rise condominium ever built on Cleveland's east side. The anti-sprawl, transit-friendly project transformed an underutilized lot previously the site of a gas station closed since the mid 80s, and brought to Cleveland metropolitan style living comparable to Chicago and Atlanta. (6/03)
Investments:
KeyBank is the primary underwriter of the "The City of Cleveland Neighborhood Market DrillDown," a major study by Washington D.C.-based Social Compact that revealed an untapped urban cash economy in Cleveland totaling $828 million. Study results arm surrounding communities; public and private entities; and prospective business owners and developers with a unique set of dependable business-oriented data and market insights essential to informed business decision-making for future investment in Cleveland's inner city and undervalued neighborhoods. Key is in the position to be more receptive to lending to those using the study as part of their business cases. (9/04) (http://www.snl.com/Interactive/IR/file.asp?IID=100334&FID=1598603&OSID=9) Note: For a copy of the study results, call Key Community Development Banking VP Stephanie Turner at 216-828-8733.
Services:
On the heels of renewing its Neighborhood Reinvestment Agreement with the City of Cleveland for a total of $460 million, KeyBank took an unprecedented approach to help historically underserved residents achieve economic self-sufficiency. The bank introduced KeyBank Plus, combining check-cashing with the option of financial education and counseling delivered by WECO, a nonprofit provider of financial literacy training. (2/04) ( http://www.snl.com/Interactive/IR/file.asp?IID=100334&FID=1407785&OSID=9) Note: Since 1991, Key has provided $1.45 billion in neighborhood assistance through the Neighborhood Reinvestment Agreement.
There are more KeyBank branches - 20 - in downtown Cleveland than any other bank.
Over the last four years of the exam period Key has directed charitable giving and community support to more than 180 community nonprofit organizations across Northeastern Ohio. View Key's 2004 Report on Philanthropic Investment through the link "Philanthropic Investment Report" on the KeyCorp Philanthropic Investment page at http://www.key.com/html/A-12.html, or download the report directly at http://www.key.com/pdf/philanthropicir.pdf.
Visit the KeyCorp page on Corporate Social Responsibility Wire at http://www.csrwire.com/csr/company.mpl?company=993 for a compilation of news releases about the company relative to philanthropic investment, diversity, community development, corporate governance, environment, business ethics, human rights, and workplace issues.
Cleveland-based KeyCorp (NYSE: KEY) is one of the nation's largest bank-based financial services companies, with assets of approximately $91 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.
Note to Editors: For up-to-date company information, media contacts and facts and figures about Key lines of business, visit our Media Newsroom at Key.com/newsroom.
KeyBank
KeyBank
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $176.2 billion at March 31, 2021. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,100 branches and more than 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
