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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.
KeyBank Maine's team, spearheaded by Market President Tony DiSotto, recently completed 18 community projects and 564 service hours in a single afternoon during their annual Neighbors Make The Difference Day. Established in 1991, this initiative has become a pivotal part of KeyBank's culture, focusing on community support through volunteerism. The program promotes employee engagement, talent development, and team building, while enhancing corporate reputation. KeyBank's culture thrives on community commitment, with employees participating in financial literacy programs, nonprofit boards, and employee giving. Management support, employee leadership, and strong nonprofit partnerships are critical to the success of Neighbors Day. In 2023, KeyBank and KeyBank Foundation provided $28.7 million in community investments in Maine, including affordable housing, community development, and philanthropy.
KeyBank (NYSE: KEY) has announced a new digital enhancement designed to expedite and simplify the home lending process. The technology automates the verification of borrowers' income, assets, and employment, reducing the paperwork required from clients. This improvement aims to enhance client experience by ensuring secure data submission and faster loan closing. During a two-week pilot, this technology saved significant time for borrowers, eliminating the need for multiple documentation submissions. KeyBank continues to invest in technology to streamline homebuying, reflecting their commitment to client satisfaction and efficiency.
On June 6th, 2024, KeyBank teammates in Buffalo participated in the annual 'Neighbors Make the Difference Day' by building beds for children in need through the volunteer organization Sleep in Heavenly Peace. This initiative, which began in 1991, highlights KeyBank's dedication to community service and support. The event underscores the bank's mission to help local communities thrive, with volunteers contributing thousands of hours annually to various nonprofit organizations. Sleep in Heavenly Peace focuses on providing bunk beds to children who otherwise might sleep on couches, blankets, or floors, aligning with KeyBank's community-centric values.
KeyBank has announced surpassing $2 million in funded Home Buyer Credits, aiding 442 clients in achieving homeownership since the program's launch in September 2022. The credit program provides $5,000 towards closing costs and other fees for eligible properties. Additionally, KeyBank has introduced two other credit programs: the KeyBank Neighbors First Credit, offering similar benefits and having helped 169 clients with $845,000 in credits, and the Key Opportunities Home Equity Loan, which has funded $11.7 million for 233 clients since March 2023. These initiatives aim to make homeownership more accessible and sustainable.
Spectrum Youth and Family Services in Burlington, VT, has expanded its seasonal warming shelter into a year-round resource for homeless youth, thanks to generous funding from KeyBank Foundation, the Pomerleau Family Foundation, the University of Vermont Medical Center, and individual donors. The Nightly Shelter, initially open from November to March, now operates every day from 5 pm to 9 am, providing a critical overnight option for youth when other shelters are full. KeyBank Foundation has contributed a three-year $225,000 grant to support this expansion. The facility offers 10 emergency beds and access to daytime services like meals, laundry, and case management. This expansion addresses the rising demand for safe youth shelters in Burlington, with many youths transitioning from the Nightly Shelter to permanent housing solutions.
KeyBank has awarded a $300,000 grant to Jesse Tree to aid low-income families in Treasure Valley facing eviction. The grant aims to enhance Jesse Tree's Emergency Rental Assistance (ERA) program and create a community health resource position. Since its establishment in 1999, Jesse Tree has supported over 8,000 families with $10 million in rental assistance. In 2023 alone, the organization managed 28,000 calls and texts, 3,500 applications, and attended 1,802 eviction hearings. KeyBank's contribution is set to further these efforts, aiming to stabilize housing and provide critical health resources to those in need. This partnership underscores KeyBank's commitment to supporting local communities and preventing homelessness.
On June 6th, the Connecticut Convention Center hosted the 13th Annual Power of the Purse Luncheon and Silent Auction, presented by KeyBank and Key4Women. This event, attended by nearly 1,000 women in business and their allies, aimed to support Women United's mission to enhance financial empowerment for families.
KeyBank has been a presenting sponsor for four years, with leaders Allison Standish-Plimpton and Elona Shape highlighting the resources Key4Women offers to women business owners. Actress Rita Moreno, the keynote speaker, delivered an inspiring message about collaboration and support.
The luncheon raised over $377,000, contributing to a cumulative total of $1.8 million since 2012, which supports financial stability programs for Connecticut families, including employment training, financial coaching, and tax preparation services.
KeyBank's Key4Women program, MESO, and the Portland Thorns FC are hosting their second annual business pitch contest for women-owned businesses in Oregon and SW Washington. The contest offers $50,000 in awards, with a grand prize of $20,000. Eligible businesses must be 51% women-owned and headquartered in specific counties. Applications open on June 3, 2024, and close on July 15, 2024. The finalists, announced in early August, will pitch at a live event on October 10, 2024. Last year's winner, Melody Brown of L&M Hair Company, will serve as a judge. The event aims to support women entrepreneurs through mentorship and capital.
KeyBank will host a Juneteenth Financial Wellness Series in Buffalo, N.Y., as part of its support for the 2024 Juneteenth Festival. The workshops, scheduled from 5:00 p.m. to 7:00 p.m. at the C-District Police Station community room, will cover mortgage (June 6), small business (June 13), and wealth building (June 20). KeyBank emphasizes its commitment to inclusivity, offering mortgage and home equity lending products without regard to race, color, religion, national origin, sex, handicap, or familial status. The bank will also participate in the festival parade on June 15.
Operation HOPE, in partnership with U.S. Bank and KeyBank, introduces 'UPLIFT Denver,' a new initiative to enhance financial literacy and economic empowerment in Denver. Scheduled for June 6, 2024, from 4-6 p.m. at the B.E. Event Center, the event aims to provide free financial education and resources to local residents. Attendees can engage in sessions on topics like credit management, homeownership, and entrepreneurship, and interact with financial coaches and community leaders. KeyBank and U.S. Bank highlight the importance of financial literacy as a cornerstone of economic empowerment. The initiative aims to address wealth disparities and increase access to homeownership and business opportunities for diverse working-class families in Denver.
According to HOPE Research Institute, the initiative has already shown progress with average credit scores for clients increasing by 37 points, a median debt reduction of $2,314, and a median savings increase of $1,128. Nearly 300 attendees are expected.