CLEVELAND, May 11, 2018 /PRNewswire/ -- KeyBank has
released its 2017 Corporate Responsibility Report, highlighting
progress in the areas of responsible banking, responsible
citizenship and responsible operations. Included in the report are
the first year results of the five-year National Community Benefits
Plan, under which KeyBank invested $2.8
billion in communities. KeyBank executives said the
investment exceeded the goals for 2017 by 21% and represents a
strong start for the five-year plan.
"I'm pleased that in 2017 we surpassed our expectations for the
community benefits plan," said Beth
Mooney, Chairman and CEO of KeyCorp (NYSE: KEY). "Thriving
communities have stable neighborhoods with affordable housing,
growing small businesses, and jobs. The community benefits plan is
designed to help provide support in all of those areas."
Highlights from the first year of the community benefits plan
include:
- KeyBank invested more than $1.9
billion in community development projects including
developments that will provide affordable housing, revitalize and
stabilize neighborhoods, and support vital community service
initiatives.
- KeyBank originated $390 million
in small business loans to low-to-moderate income borrowers and/or
in low-to-moderate income neighborhoods.
- KeyBank provided $443 million in
mortgage lending to low-to-moderate income communities.
- KeyBank made $38 million in
philanthropic investments in neighbors and neighborhoods across
KeyBank's 15-state footprint in 2017. These included significant
grants to organizations such as JumpStart, Inc., Local Initiatives
Support (LISC), Say Yes to Education and Micro Enterprise Services
of Oregon. Philanthropic
investments included KeyBank Foundation grants supporting thriving
students, a thriving workforce, and thriving neighborhoods.
Additionally, the First Niagara Foundation, an independent
foundation that works in collaboration with KeyBank, invested
$6.7 million in education, mentoring,
workforce development, and neighborhood revitalization.
KeyBank's 2017 report describes the bank's commitment to its
Corporate Responsibility priorities: operating with integrity;
driving performance; growing talent; and, strengthening community.
These priorities are demonstrated throughout the report in
KeyBank's approach to diversity and inclusion, financial wellness
for clients and communities, transformative philanthropy and
sustainable operations. To view the full Key Corporate
Responsibility Report, visit: www.key.com/crreport
"Consistency and commitment are the cornerstones of KeyBank's
corporate responsibility efforts," said Bruce Murphy, executive vice president and head
of Corporate Responsibility. "What is exciting to me is the depth
and breadth of investments in communities stretches from
Maine to Alaska, from our workforce to the marketplace.
The community benefits plan is an important part of our approach
but, as the 2017 Corporate Responsibility Report details, the
commitment runs even deeper."
About KeyCorp
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 $137.0
billion at March 31,
2018. 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 1,200 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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SOURCE KeyCorp