Cleveland - Underscoring its strong commitment to urban revitalization, KeyBank has opened a KeyCenter (branch) in what was once one of Cleveland's most blighted shopping centers.

The new branch at Arbor Park Place offers KeyBank Plus check-cashing services in addition to traditional banking services. Those using KeyBank Plus services are not required to open a checking or savings account with Key - a marked departure from previous banking practices. With KeyBank Plus check cashing, individuals can cash approved payroll or government checks and purchase money orders at a discounted rate.

"We've worked hard to better understand the business opportunities and needs existing in our urban communities," explained Bruce Murphy, president of Key Community Development Banking. "Key's focus on urban revitalization is due, in part, to the potential for profitable and much-needed business development in Cleveland's urban communities."

In addition, residents now have a convenient place to shop for their groceries. Dave's Supermarkets, the anchor tenant at Arbor Park Place, brings a greatly needed resource to the community. Customers of Dave's who sign up for KeyBank Plus services receive special check-cashing discounts.

The new plaza emerged as part of a larger community effort to bring much needed businesses and services to residents in Cleveland's Central district. KeyBank's Community Development Lending group financed the $6.2 million renovation of the plaza. The remaining funding came from eight community organizations through special grants and loans.

According to Murphy, "Arbor Park Place is a prime example of the rebirth in urban vibrancy. These efforts continue to take place and are at their best when people and organizations work together."

Key's loan for construction and permanent financing of Arbor Park Place marks the first use of the New Markets Tax Credits (NMTC) allocation won by KeyBank and is also one of the first NMTC investments in the country. Through this program, Key can stimulate development of businesses and commercial property in low-income communities by offering more attractive financing for eligible projects.

The shopping center is only one part of the $300 million effort to revitalize the area. In addition to Arbor Park Place, Key's Community Development Lending group also contributed to the development of Central Commons, which offers 81 units of new homes. To date, Key has invested $1 billion in the city over the last 12 years.

Cleveland-based KeyCorp (NYSE: KEY) is one of the nation's largest bank-based financial services companies, with assets of approximately $90 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.

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KeyBank

KeyBank

KeyCorp's roots trace back nearly 200 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 $187 billion at June 30, 2024.

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 1,000 branches and approximately 1,200 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 Member FDIC.

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