KeyBank Releases 2018 Corporate Responsibility Report
KeyBank Deployed Over $7.1 Billion to Low-To-Moderate Income Individuals and Communities Through Two Years of Community Benefits Plan
May 29, 2019, 10:00 ET
CLEVELAND, May 29, 2019 /PRNewswire/ -- KeyBank has released its 2018 Corporate Responsibility report, highlighting the company's ongoing legacy as a responsible bank and citizen. Included in the report are the results from the first two years of the National Community Benefits Plan, under which KeyBank invested over $7.1 billion in communities. KeyBank executives said the investments exceeded the goals for the first two years of the plan by 38%.
"Helping clients and communities thrive is KeyBank's purpose," said Don Graves, Head of Corporate Responsibility & Community Relations, KeyBank. "Our goal is to help build stable neighborhoods with affordable housing, growing small businesses, and increasing jobs. I'm pleased that KeyBank has invested over $7.1 billion through our business towards creating shared value with our communities. When our communities do well, we all do well."
Highlights from the community benefits plan results include:
- KeyBank grew investments in community development projects by 33% in 2018. Through the second year of the plan, KeyBank has invested a total of $5 billion in community developments, including projects that will provide affordable housing, revitalize and stabilize neighborhoods, and support vital community service initiatives.
- KeyBank originated $830 million in small business loans to low-to-moderate income borrowers and urban and rural communities. KeyBank has committed to investing $2.5 billion in small business lending over the five years of the National Community Benefits Plan.
- KeyBank increased mortgage lending to low-to-moderate income communities by 67% in 2018 over the previous year. This represents a two-year total of $1.2 billion in loans to nearly 10,000 borrowers.
- KeyBank made $71 million in philanthropic investments in neighbors and neighborhoods across its 15-state footprint in the first two years of the community benefits plan. In 2018, KeyBank Foundation and First Niagara Foundation combined to make more than 3,300 philanthropic investments totaling nearly $40 million. These investments were consistent with the Foundations' strategic pillars of Education, Workforce, and Neighbors, and help build meaningful relationships that will create lasting change in our communities.
Graves also pointed out that in 2018, KeyBank became one of the only top 25 U.S. banks to earn a ninth consecutive "Outstanding" rating from the Office of the Comptroller of the Currency (OCC), for exceeding the terms of the Community Reinvestment Act (CRA). "Community investment is critical today as we have an obligation to bring hope, opportunity, and dignity to the neighborhoods where we do business. Our latest Corporate Responsibility report shows why this is the right approach for our clients, for our communities, for our employees, and for our business," Graves said.
In addition to information on the National Community Benefits Plan, KeyBank's 2018 Corporate Responsibility report focuses on the bank's commitment to its clients, communities and employees. Highlights of the report include detail on KeyBank's efforts around: diversity and inclusion; fostering sustainable communities and operations; financial wellness; employee volunteerism; and transformative philanthropy. To view the full KeyBank Corporate Responsibility Report, visit: www.key.com/crreport
About KeyBank
KeyCorp's (NYSE: KEY) 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 $141.5 billion at March 31, 2019. 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 over 1,100 branches and more than 1,500 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.
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