KeyBank Announces $16.5 Billion National Community Benefits Plan
CLEVELAND, OH, MARCH 18, 2016 /3BL Media/ – KeyBank today announced several major steps to further its community investments across the company as part of a National Community Benefits Plan. The investments announced today underscore KeyBank’s commitment to helping clients and communities thrive as well as its responsible approach to banking, citizenship and operations.
As part of today’s announcement, KeyBank released its National Community Benefits plan, which includes $16.5 billion in investments across the communities it serves. The commitments are part of a comprehensive blueprint for steps Key will take over the next five years in its markets across the United States. A summary of the Plan can be found at: www.key.com/CBPlan.
A partnership with the National Community Reinvestment Coalition including over 80 community organizations provided valuable input to develop a National Community Benefits Plan. As part of that plan, KeyBank commits to $16.5 billion in mortgage lending, small business lending, community development lending and investing and philanthropy. This plan will stimulate substantial job and economic growth in these communities. KeyBank has also committed to being a leader in reducing neighborhood blight as well as maintenance and disposition of foreclosed properties.
“The $16.5B National Community Benefits plan underscores KeyBank’s approach to responsible banking and citizenship,” said Beth Mooney, KeyCorp Chairman and CEO. “For us, balancing mission and margin is about a commitment that goes above and beyond what is required. It is simply the right thing to do, and it is good business. As evidence of that balance and our ongoing commitment to shareholders, we remain confident in and committed to meeting the growth and financial objectives of the KeyBank/First Niagara acquisition.”
“I want to personally thank John Taylor, the National Community Reinvestment Coalition, and its member organizations. Their insight and willingness to engage in productive dialogue was critically important. We look forward to working with the NCRC over the coming years in a way that further increases KeyBank’s community impact and investment,” Mooney concluded.
As part of the plan, KeyBank is committing $16.5 billion in the following investments over five years focused on underserved and low- to moderate-income communities throughout its footprint, including:
- $5 billion in mortgage lending in low- to moderate-income communities and borrowers;
- $2.5 billion in small business and farm lending, targeted to low- to moderate-income urban and rural communities;
- $8.8 billion in community development lending and investment commitments; and
- $3 million Innovation Fund to support the development of banking services for underserved communities and populations to complement KeyBank’s historically strong products and services in this area.
Additionally, the KeyBank Foundation is committing $175 million in philanthropic investments for its traditional priorities of education and workforce development. The investments will also focus on the stabilization of urban neighborhoods and rural communities through local capacity building, affordable housing and building technical assistance to execute locally.
Nationwide, KeyBank employees will also support the plan through local service projects and board leadership. In the past five years, KeyBank employees have donated more than 500,000 hours of community service. Employees will continue to be heavily engaged in their communities, with the expectation of 500,000 of additional volunteer hours over the next five years.
Key traces its history back more than 160 years and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key has assets of approximately $95 billion. Key (NYSE:KEY) provides deposit, lending, cash management and investment services to individuals, small and medium-sized business under the name KeyBank National Association. 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.
Banking products and services are offered by KeyBank National Association. Key.com is a federally registered service mark of KeyCorp. ©2015 KeyCorp. KeyBank is Member FDIC. Credit applications are subject to credit approval.
KEYWORDS: Finance & Socially Responsible Investment, Philanthropy, keybank, NCRC, National Community Reinvestment Coalition, $16.5 billion, Community Benefits Plan, KeyCorp, NYSE: KEY, underserved, KeyCorp Chairman and CEO Beth Mooney, Head of Corporate Responsibility Bruce Murphy, NCRC John Taylor, mortgage, small business, Community Development Lending and Investment, keybank foundation