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KeyBank Foundation is contributing $300,000 to Penquis, which has secured additional funding of $3.3 million for a transformative housing project in Maine. This initiative aims to tackle the state's housing crisis using BioHome3D technology developed by the University of Maine. The pilot program will construct nine 3D-printed homes utilizing sustainable materials, addressing an estimated shortage of 20,000 to 25,000 rental units in the state. The project not only aims to provide affordable housing but could also stimulate local economic development and job creation within the construction sector.
KeyBank (NYSE:KEY) has announced its collaboration with the State of New York Mortgage Agency (SONYMA) to provide low-interest mortgage loans to assist first-time homebuyers in New York. KeyBank will offer two primary SONYMA programs: Achieving the Dream and Low Interest Rate, which can be combined with down payment assistance loans and other grants. Additionally, KeyBank has introduced a $5,000 Home Buyer Credit for eligible purchases. KeyBank aims to enhance community investment through home ownership, emphasizing the importance of housing in wealth building.
KeyBank Foundation is investing a total of $555,000 in various non-profit organizations in Central New York, focusing on workforce development and community initiatives. This funding is part of KeyBank's $40 billion National Community Benefits Plan, which underscores its commitment to diversity, equity, and inclusion. Significant grants include $150,000 for Jubilee Homes of Syracuse to support its Build to Work program and $150,000 for Le Moyne College to enhance STEM programming. Since 2017, KeyBank has invested over $512 million in Central New York, demonstrating its dedication to economic inclusion and community support.
KeyCorp (NYSE: KEY) reported a net income of $356 million, or $0.38 per diluted share, for Q4 2022, down from $513 million in Q3 2022 and $601 million in Q4 2021. The results reflect a $265 million provision for credit losses, exceeding net charge-offs by $224 million. Despite a solid credit quality with net charge-offs at 14 basis points, noninterest income fell 26.2% year-over-year, driven by a decline in investment banking fees. Total revenue was $1.898 billion, a slight increase from Q3 2022. Loans and deposits grew across commercial and consumer sectors, affirming Key's business model while aiming for disciplined expense management and future investments.
KeyBank and its Michigan Market president, David Mannarino, are taking significant steps to promote heart health by participating in the 2023 Detroit Heart Challenge. Mannarino is set to lead the initiative with a fundraising goal of $1.2 million for the American Heart Association. The Heart Challenge aims to engage corporations in enhancing employee wellness through various activities and events. This move underscores KeyBank's commitment to community health and well-being, reflecting their wider mission to support healthier lives.
KeyBank has pledged $25,000 to The King Center for Nonviolent Social Change in recognition of Martin Luther King Jr. Day. This donation aims to honor Dr. King’s legacy and support the Center’s mission to educate people on his life and teachings. The King Center, established in 1968, serves as a global resource for the promotion of nonviolent social change and empowerment. It attracts nearly a million visitors annually who seek inspiration and knowledge from Dr. King's legacy.
This initiative reflects KeyBank's commitment to celebrating cultural differences within the community.
KeyBank has announced a $150,000 grant to Create Common Good (CCG), a non-profit in Idaho aimed at improving food service career opportunities for at-risk adults. This funding will expand CCG's ServSafe Training program to include certification and job placement support for inmates post-release. Since its inception in 2008, CCG has been addressing employment barriers for vulnerable populations. The initiative aims to reduce recidivism by providing skills necessary for sustainable employment, enhancing community welfare through food distribution programs.
Republic First Bancorp, Inc. has appointed Thomas X. Geisel as CEO and Michael W. Harrington as CFO, effective immediately. Geisel brings over 20 years of banking experience from roles at Webster Bank, while Harrington has over 30 years in community banking, most recently at Bryn Mawr Trust. The new leadership aims to evaluate capital alternatives, restructure the balance sheet, and enhance customer experience through technology. Founder Harry Madonna will step down as Interim CEO but remain Chairman during this transition.
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