Welcome to our dedicated page for Keycorp news (Ticker: KEY), a resource for investors and traders seeking the latest updates and insights on Keycorp stock.
KeyCorp reports developments across its KeyBank banking franchise, KeyBanc Capital Markets, and wealth-management operations. Company news commonly covers deposit, lending, cash management, and investment services for individuals and businesses in its multi-state banking footprint, along with commercial banking coverage for middle-market companies.
Recurring updates include quarterly earnings, net interest income, fee-based businesses such as investment banking, commercial payments, and wealth management, and regional expansion of middle-market teams. News also covers Key Private Bank, customer financial surveys, community partnerships, and capital-markets services including M&A advice, public and private debt and equity, syndications, and derivatives.
KeyCorp announced the completion of the initial tranche of Scotiabank's strategic minority investment. Scotiabank has purchased approximately $0.8 billion of KeyCorp's common stock, representing a 4.9% ownership. This is part of a larger agreement announced on August 12, 2024, where Scotiabank will invest a total of $2.8 billion for a 14.9% pro forma ownership at a fixed price of $17.17 per share. The final purchase of about $2.0 billion is expected to be completed in the first quarter of 2025, pending Federal Reserve approval.
KeyBank Foundation has granted $300,000 to The Well CDC in Akron to expand its Career Development Program. The program offers a 5-week cohort for women, providing customer service certification, resume writing, interview practice, and workshops on mental health and emotional wellness. The grant will enable The Well CDC to add case management to support participants from enrollment through long-term employment stability.
Key outcomes include:
- Increasing clients served annually from 54 to 125
- Creating an Alumni Peer Support Group
- Boosting client placement at employer partners from 20% to 50%
- Implementing data collection processes for retention and engagement information
KeyBank has provided a $2 million loan to C3's Impact Fund, a Chicago-based CDFI supporting BIPOC and female real estate investors in low and moderate income areas. The loan will help C3 Fund continue its mission of revitalizing neighborhoods and addressing wealth disparities. Since its inception, C3 Impact Fund has deployed over $50 million in loans and created more than 2,200 jobs in underserved communities.
KeyBank's Community Development Lending and Investment (CDLI) group, which finances projects across all 50 states, has earned 11 consecutive 'Outstanding' ratings on the Community Reinvestment Act exam. This partnership aligns with KeyBank's commitment to community development and affordable housing.
KeyBank and The Center for New York City Neighborhoods (CNYCN) are strengthening their partnership to boost Black homeownership in New York City. KeyBank Foundation has granted $20,000 to support CNYCN's Black Homeownership Project (BHP), which aims to preserve and increase Black homeownership through high-quality services, policy advocacy, and community organizing.
This grant follows a previous two-year, $150,000 foundation grant made in 2022 to launch CNYCN's Savings Accelerator and Pathways to Tenant Purchases programs. The new funding will support staff working across five pilot BHP initiatives, offering outreach, educational workshops, and one-on-one services to homeowners.
Since its founding in 2008, CNYCN has helped over 250,000 low- and moderate-income families maintain their homes and achieve financial stability, preserving more than $10 billion in neighborhood property value across New York.
KeyBank has launched the 'Money, Me and Key' program in partnership with Shiloh Baptist Church in Cleveland's Central neighborhood. This initiative offers financial empowerment opportunities through in-person group education sessions and one-on-one Financial Wellness Reviews.
The program includes:
- 15-minute Financial Wellness Reviews with experienced bankers
- Hour-long workshops on topics like debt management, mortgage modifications, and retirement planning
- Sessions held at Shiloh Baptist Church on select Sundays in September and October
This initiative aims to help community members take control of their finances, build credit, save for major purchases, and improve overall financial health. The program reflects KeyBank's commitment to supporting financial literacy and empowerment in local communities.
KeyCorp (NYSE: KEY) has announced that its Chief Financial Officer, Clark Khayat, will present at The Barclays Global Financial Services Conference on September 9, 2024, at 2:45 p.m. ET in New York City. The presentation will cover KeyCorp's performance, strategy, and outlook. A live audio webcast will be available at www.key.com/ir, with a replay option for those unable to attend.
KeyCorp, headquartered in Cleveland, Ohio, is a major bank-based financial services company with assets of approximately $187 billion as of June 30, 2024. The company operates under KeyBank National Association in 15 states, offering various services through 1,000 branches and 1,200 ATMs. KeyCorp also provides corporate and investment banking products under KeyBanc Capital Markets.
KeyBank's Key4Women program, in collaboration with the Women's Council of Central Indiana Realtist Association and NAHREB Indianapolis, is hosting a homeownership workshop on August 22, 2024. The event, taking place at Maven Space in Indianapolis from 4:00 p.m. to 6:00 p.m., aims to provide valuable insights for both current and aspiring homeowners.
The workshop will cover important topics such as:
- Practical steps for achieving homeownership
- Financial planning and equity maximization
- Legal and tax considerations
Preble Street, a nonprofit organization with offices in Bangor, Lewiston, and Portland, ME, has received a $300,000 grant from KeyBank Foundation to support its Site-Based Housing First (SBHF) programs. The three-year commitment will help Maine's plan to end chronic homelessness by creating 400 new Housing First units statewide. The funds will enable:
1. Development of a comprehensive SBHF Training and Technical Assistance program for developers and service providers.
2. Expansion of 24-hour social work support services to a new SBHF program in Portland, serving an additional 30 people experiencing chronic homelessness.
Preble Street currently operates three SBHF programs in Portland, providing housing to 85 people with complex needs. This grant is part of KeyBank's $40 billion commitment for lending and investments across its national footprint, supporting affordable housing and community development projects.
KeyBank celebrated its 33rd annual Neighbors Make the Difference Day on June 6th, with nearly 100 Central Ohio teammates volunteering at Habitat for Humanity - Mid Ohio. Volunteers built over 50 walls for an upcoming home and KeyBank provided a $10,000 grant to support Habitat's mission.
The event is part of KeyBank's nationwide initiative, allowing employees paid time off to volunteer in their communities. Launched in 1991 in Alaska, it has grown into a leading corporate volunteerism effort in America. The day showcases KeyBank's commitment to community development and empowering families.
Habitat for Humanity - Mid Ohio emphasizes the important role of volunteers in fulfilling their mission to build homes, inspire hope, and develop communities. This collaboration demonstrates how corporate volunteerism can make a significant impact on local organizations and families in need.
KeyBank has donated $180,000 to Rainier Scholars - Tacoma, a nonprofit organization focused on supporting underrepresented students of color in the greater Tacoma area. The grant will fund program implementation, including staffing, material development, and supplies over the next three years. Rainier Scholars - Tacoma aims to provide academic, social, and emotional support to help students excel in school and earn college degrees.
The program plans to welcome additional cohorts of students, develop curriculum for middle and high school advancement, and establish a second entry-point for 7th-grade students at First Creek Middle School. This initiative aligns with KeyBank's mission to help communities thrive by supporting underserved youth and fostering an educated workforce, which is important for regional economic prosperity.