History of KeyBank

KeyCorp is a publicly traded corporation on the New York Stock Exchange that was initially formed in 1994 by the merging of two companies, KeyCorp out of Albany, NY and Society Corporation of Cleveland, OH. The combining of the two entities made Key Bank the 10th largest U.S. bank at the time. Society Bank of Cleveland has roots dating back to the late 1800’s while Key Bank actually dates back to 1825. After many reorganizations and acquisitions, Key grew their assets by more than 5 fold by 1990. More acquisitions and divestitures through the 90’s, including a half a billion dollar non-bank deal kept the leaders of Key quite busy. Inevitably, the investment arm previously known as McDonald and Company was sold to Swiss behemoth UBS in 2007 for around $280 million. After the recession of 2008 hit and some further buying and selling of assets and divisions, Key received $2.5 billion in TARP funds from the federal government to help them shore up their balance sheet and reorganize. In 2012, Key acquired thirty-seven HSBC branches in Upstate NY from First Niagara Financial for over $100 million.

Key Products and Services

Branch banking still is the mainstay of Key as the company provides a diversified product mix including commercial banking, commercial investment/management services and of course, consumer banking. Key’s presence is primarily in the U.S., but does provide banking services for some international businesses as well. With $89 billion in assets, over 15,000 employees in 14 different states, Key services clients with over 1,500 ATM’s nationwide, toll-free customer service and online banking at www.key.com. KeyBank is heavily invested in community participation through their “Neighbors Make The Difference(R)” platform highlighting community service projects such as hospital visits, home painting, yard clean ups and gift wrapping for children receiving presents through the Salvation Army. KeyBank offers many of the distinct products found in most banking operations like – checking/savings/CD accounts, mortgages, lines of credit, car loans, credit cards, debit cards, gift cards, annuities, mutual funds, education planning services, individual retirement accounts, insurance, online banking, mobile banking and online bill payment systems.

KeyBank Corporate Overview

KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $89 billion. Key companies provide investment management, retail and commercial banking, consumer finance and investment banking products and services to individuals and companies.