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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SOURCE KeyBank