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KeyCorp's Commitment to Cleveland Neighborhoods Increases to More Than $1 Billion

Submitted by: KeyBank

Categories: Community Development

Posted: Jun 26, 2000 – 12:00 AM EST


Jun. 26 /CSRwire/ - KeyCorp announced today that its Retail Banking subsidiary, KeyBank National Association, has signed a third consecutive four-year agreement with the City of Cleveland for local community reinvestment. The latest $400 million commitment increases Key's funding for community reinvestment in Cleveland to more than $1 billion. In Key's previous agreements, it committed more than $580 million between 1992 and 1999. Its actual investment exceeded those commitments by $34 million.

The agreement focuses on six major lending areas: home purchase and home improvement loans; consumer lending; small business loans; community development lending; and equity and philanthropic contributions. In many cases, the financial terms will be more favorable than would be possible without the agreement, such as loans for small businesses tied to the prime rate, and a home loan of up to 97 percent of value, plus closing costs.

Key will target the marketing and delivery of these products in: Central, Clark-Fulton, Corlett, Detroit-Shoreway, Fairfax, Forest Hills, Glenville, Hough, Kinsman, Lee-Miles, Mt. Pleasant, North Broadway, Ohio City, St. Clair, Superior, South Collinwood, Tremont, Union-Miles and Woodland Hills.

"This agreement is by far the strongest and most comprehensive of the three we have signed with the City," said Cleveland District President Bruce Murphy, Key's senior leader for KeyBank in Greater Cleveland. "When you see the economic development Key's reinvestment dollars have created in our local neighborhoods, you understand the program's power. Business is expanding rapidly, and residential housing - the infrastructure of these communities -- is being created and renovated. Now, we're pleased to be taking our relationship with these communities to an even higher level.

"It's this kind of community commitment that the Office of the Comptroller of the Currency (OCC) has focused on in awarding Key an 'Outstanding' rating for the fifth consecutive rating period for our community reinvestment activities," Murphy said. Less than 10 percent of U.S. financial institutions received this ranking.

In addition to the financial support, the agreement reinforces Key's commitment to employment and training programs that support its own minority and female employees, including INROADs, an internship program for minority high school students; multi-cultural seminars for management; diversity training for employees; and work and family programs. Key is also partnering with East High School and the Academy of Finance to support education and development of minority high school students by hiring them for internships, and donating resources for other school activities.

Murphy said, "As in the previous two agreements, this new agreement incorporates performance measurements. Previous data show that Key's initiatives are creating jobs, injecting new life into Cleveland's neighborhoods and providing a source of stable credit for residents and business owners in those neighborhoods. That's certainly good for the communities, and what's good for them is good for Key."

Key's commitment to neighborhood reinvestment extends beyond Cleveland. In Ohio, Key has provided investments in Akron, Canton, Cincinnati, Columbus, Dayton and Toledo. Further, Key was recently commended by the State of Washington for its reinvestment commitment in Seattle, another significant operations area for the company.

KeyCorp (NYSE: KEY) is one of the nation's largest multiline financial services companies, with assets of approximately $84 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. The company's businesses deliver their products and services through facilities located in 46 states; a network of more than 2,500 ATMs; a robust Web site, Key.com(SM); and telephone banking centers (1.800.KEY2YOU) that provide account access and financial products 24 hours a day. SOURCE KeyCorp

Press releases may contain forward-looking statements that are subject to numerous assumptions, risks and uncertainties. Forward-looking statements may be identified by the use of forward-looking terms such as "may," "intends," "will," "expects," "anticipates," "plans," "estimates," "projects," "targets," "forecasts" or "seeks" or the negative of such terms or other variations on such terms or comparable terminology. Actual results could differ materially from those contained in or implied by such forward-looking statements for a variety of factors including: sharp and/or rapid changes in interest rates, significant changes in the economy that could materially change anticipated credit quality trends and the ability to generate loans; failure of the capital markets to function consistent with customary levels; significant delay in or inability to execute strategic initiatives designed to grow revenues and/or manage expenses; consummation of significant business combinations or divestitures, unforeseen business risks related to Year 2000 computer systems issues; and significant changes in accounting, tax or regulatory practices or requirements.

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