KeyBank Releases Corporate Responsibility Report and 2017 Community Benefits Plan Results
CLEVELAND, May 11, 2018 /3BL Media/ - 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.”
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.