Get the latest delivered to your inbox
Privacy Policy

Now Reading

Key Receives 'Outstanding' Rating for Community Reinvestment Act Lending

Key Receives 'Outstanding' Rating for Community Reinvestment Act Lending

Published 06-12-00

Submitted by KeyBank

For the fifth consecutive rating period, KeyBank National Association has received an "outstanding" rating for its Community Reinvestment Act (CRA) lending practices from the U.S. Office of the Comptroller of the Currency (OCC). This is the top rating on a four- category scale by the bank regulatory agency.

The OCC cited that fewer than 10 percent of all bank-based financial services companies reviewed in the last two years received "outstanding" ratings. An even lower percentage of large, multi-state banks received the top rating, according to the OCC. This is the first rating period in which the OCC reviewed KeyBank as a single, nationwide banking unit.

"I couldn't be more pleased that the OCC has recognized Key's commitment to the Community Reinvestment Act," said Jack Kopnisky, Retail Banking president. "The real winners, however, are the many clients and communities that continue to benefit from our many activities in support of the CRA."

To determine CRA compliance, the OCC examines and rates lending institutions' responsiveness to credit needs, loan volume, geographic distribution, record of serving economically disadvantaged areas and leadership in making community development loans. The OCC range of ratings includes outstanding, satisfactory, needs to improve and substantial noncompliance.

During the evaluation period, Key's Community Development Lending group supplied individual borrowers and small businesses with more than $500 million in mortgage loan and community development lending that funded thousands of new construction and renovation projects across the country. Many of these included business loans for building rehabilitation and renovation, helping to stabilize and revitalize communities.

KeyBank National Association has regional headquarters offices in Albany, NY; Cleveland; Denver and Seattle; the bank is organized according to 26 geographic districts, each headed by a district president. The Community Development Lending group includes about 40 relationship managers located in 20 cities between Maine and Alaska. These relationship managers work with professionals from Key's other lines of business to complete business relationships with individuals and businesses in the communities where Key operates.

Community reinvestment activity includes special mortgage programs, such as HomeAssist, which offers borrowers a low down payment mortgage. Dedicated mortgage originators work with first-time, low- and moderate-income buyers to help them overcome obstacles in the process of becoming a homeowner. In many markets, Key's CRA managers facilitate successful community reinvestment activities through forming partnerships and building dynamic business relationships with local groups and organizations.

Cleveland-based 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

KeyBank logo

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. 

More from KeyBank

Join today and get the latest delivered to your inbox