KeyBank Taps Rodney Drake to Lead Underserved Consumer Strategy

Drake to Oversee Services to 'Underserved' Consumers through the KeyBank Plus Program in Nine Districts

Oct 26, 2011, 08:30 ET from KeyCorp

CLEVELAND, Oct. 26, 2011 /PRNewswire/ -- Rodney Drake has been promoted to vice president and KeyBank Plus program coordinator for KeyBank  (NYSE: KEY) and will oversee KeyBank’s offerings to consumers who are typically defined as “underserved” by banks..  KeyBank's strategy for underserved consumers is delivered through its KeyBank Plus program, which is available in 301 branches throughout nine KeyBank districts.  

KeyBank introduced KeyBank Plus in 2004 to serve communities and consumers who are un- or underbanked or facing financial challenges.  The program is offered through traditional branches and provides non-traditional financial products and services, including payroll and government check-cashing. Since the inception of the check cashing service, Key has served more than 43,000 clients and cashed more than 272,000 checks.  Other KeyBank Plus products include a credit repair service, money orders, savings products, and mortgage products benefiting first-time home-buyers.  An individual is not required to be a KeyBank customer in order to take advantage of KeyBank Plus.  

KeyBank Plus offerings also include free financial education.  More than 400 KeyBank employees are trained to teach Key's free classes in the community, often in conjunction with nonprofit partner institutions.  Since the inception of KeyBank Plus, Key has provided financial education to more than 21,000 individuals, including classes on budgeting, credit, credit repair, saving, and homeownership. Key also offers online courses in English and Spanish, through its Money Made Easy website and provides one-on-one coaching to KeyBank Plus and KeyBank clients at the branches.  

Drake has been with KeyBank for five years and is a Certified Financial Educator for Key, often teaching classes through Key's Financial Education Center in Cleveland.  He most recently worked in Key's Business Banking segment as the Key@Work Program Director for the Cleveland District.  Prior to that role, he was a Business Banking senior relationship manager for Key, where he managed a book of business comprised of 500 clients, from small businesses to partial relationships with publicly traded companies.

"I am confident in the energy and focus Rodney will bring to this role," said Bruce Murphy, president of Key's Community Development Banking.  "Our KeyBank Plus offerings are critical to an important segment of the population, and Rodney will well position us to continue as a leader in the underserved space."

"I'm looking forward to the work ahead," said Drake.  "It's our job to help people find comfort with banks, where they might have felt ignored or uncertain in the past, and help them achieve financial confidence, stability, and their financial goals.  Not everyone defines 'banking' in the same manner; for many it means a checking account, but, for others, banking may mean purchasing money orders or cashing a government check.  No matter where a person is financially, we will help them set a solid and trusting foundation, from which growth is possible."

A native of Berea, Ohio, Drake lives in Cleveland, Ohio and volunteers for Journey Community Church's community outreach program.  He also helps lead the children's program at the church's Olmsted Falls campus.

Key has earned seven consecutive "Outstanding" Community Reinvestment Act (CRA) ratings from the Office of the Comptroller of the Currency (OCC) for investing in its communities, especially underserved neighborhoods, and for providing unique solutions to underserved consumers. This past September, Key held its first-ever "Underserved Summit" where more than 100 top bank leaders convened to discuss the bank's strategy for the underserved and met with a variety of potential vendors that provide unique and tailored products and services.  Key has been noted as expert in the underserved space by the FDIC and the Federal Reserve.  

About KeyCorp

KeyCorp was organized more than 160 years ago and is headquartered in Cleveland, Ohio.  One of the nation’s largest bank-based financial services companies, Key has assets of approximately $89 billion.  

Key provides deposit, lending, cash management and investment services to individuals and small businesses in 14 states under the name of  KeyBank N.A.  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..      

Note to Editors: For up-to-date company information, media contacts and facts and figures about Key's lines of business, visit our Media Newsroom at Key.com/newsroom.

Related Link

Since the inception of KeyBank Plus, Key has provided free financial education to more than 21,000 individuals, including classes on budgeting, credit, credit repair, saving, and homeownership.

SOURCE KeyCorp



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