CLEVELAND, May 21, 2018 /PRNewswire/ -- KeyBank has
earned its ninth consecutive "Outstanding" rating from the Office
of the Comptroller of the Currency (OCC), for exceeding the terms
of the Community Reinvestment Act (CRA) exam. KeyBank is one of the
only U.S. national banks among the 25 largest to be rated
"Outstanding" by the OCC for nine consecutive review periods, since
the Act's passage in 1977.
"KeyBank's commitment to helping clients and communities thrive
is at the heart of how we do business," said Beth Mooney, KeyCorp Chairman and CEO. "It's not
enough to simply satisfy compliance requirements; as a responsible
bank, we believe in balancing mission and margin by going above and
beyond to invest in the community. KeyBank's decades long record of
'Outstanding' ratings on the CRA exam is a testament to the
character of our people and their long-standing commitment to
serving all communities."
"It's important to note that while the exam period ended in
2015, KeyBank's commitment has not wavered since," said
Bruce Murphy, KeyBank's Head of
Corporate Responsibility. "In fact, we've amplified that commitment
with our five year $16.5 billion
Community Benefits plan, launched in 2017. In the first year of
this plan, KeyBank invested $2.8
billion to help stabilize neighborhoods, support small
businesses, build affordable housing, and provide mortgages."
The Community Reinvestment Act requires banks to meet the credit
needs of low- and moderate-income communities across America. The
exam rates institutions in three categories: lending, investment,
and services. Included in the assessment are bank practices such as
mortgage lending, small business lending, community development
lending, investments in community development organizations and
projects, bank services to communities, and employee community
involvement. For the overall rating and the three subcategories,
banks are assigned one of four ratings: "Outstanding,"
"Satisfactory," "Need to Improve" or "Substantial Noncompliance."
The OCC completes a CRA exam for a bank every three to four years.
KeyBank's recent exam period covered January
1, 2012 – December 31,
2015.
Significant community achievements during the exam period
(January 1, 2012 to December 31, 2015), which led to KeyBank's
"Outstanding" rating, include:
- KeyBank extended more than $4.6
billion to developments in underserved communities in the
form of debt and equity. Key's participation in commercial economic
development projects stabilize and revitalize neighborhoods and
provide affordable housing.
- KeyBank loaned $1.2 billion to
small businesses in low-and-moderate income communities.
- KeyBank made nearly $2 billion in
mortgages to low-and-moderate income individuals and
communities.
- More than 28% of KeyBank branches were located in
low-and-moderate income communities.
For more information about KeyBank's community efforts, the
National Community Benefits Plan and to view the 2017 Corporate
Responsibility report, visit:
http://www.key.com/crreport.
About KeyCorp
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
$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 KeyBank