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 has published its 2022 Environmental, Social, and Governance (ESG) Report, showcasing its commitment to helping clients, colleagues, and communities thrive. The report highlights achievements in four key areas: climate stewardship, financial inclusion, diversity, equity, and inclusion, and data privacy and security.
In 2022, Key deployed $5 billion to support a low carbon economy and invested over $6 billion in affordable housing and small business lending. The company also made significant strides in enhancing diversity, increasing representation of people of color in senior leadership by 36% within 18 months. Additionally, it reinforced data safeguards to protect client information. These efforts underline KeyCorp's dedication to responsible corporate citizenship and creating shared value.
KeyBank addresses homebuyer concerns during Fair Housing Month, emphasizing the importance of accessible bank offerings in the home lending process. A recent KeyBank poll revealed that 31% of homeowners earning under $75,000 did not seek information about homebuyer assistance programs, indicating a significant gap in awareness. To combat this, KeyBank introduces Special Purpose Credit Programs, including the Key Opportunities Home Equity Loan and an expanded Home Buyer Credit, which offers up to $5,000 for closing costs. KeyBank aims to facilitate homeownership, ensuring equal access for all individuals.
Summary not available.
Summary not available.
Summary not available.
KeyBank Foundation has awarded a $300,000 grant to the Genesis Community Loan Fund to enhance resources aimed at alleviating affordable housing barriers in Maine. This three-year funding initiative will provide no-cost professional assistance to BIPOC-led organizations and entrepreneurs, promoting project planning, financing, and development. The Genesis Fund aims to create at least 120 new affordable housing units through this support. KeyBank's investment will focus on Southern Maine, addressing a critical housing crisis by connecting community developers with essential resources. The Genesis Fund, a nonprofit Community Development Financial Institution, has a 30-year history of facilitating over $80 million in loans for affordable housing and community projects.
KeyBank is celebrating the 55th anniversary of the Fair Housing Act by enhancing access to homeownership through its Special Purpose Credit Programs. Despite previous efforts, many underserved communities still face challenges in mortgage lending. KeyBank has introduced the Key Opportunities Home Equity Loan, offering affordable refinancing options and a lower interest rate for qualifying properties. The Home Buyer Credit program has been increased from $2,500 to $5,000 to assist with closing costs. Since its inception, $465,000 has been allocated to help 132 clients. Furthermore, KeyBank plans to invest over $25 million in grants and marketing to boost mortgage lending in majority-minority neighborhoods.
KeyBank Community Development Lending and Investment has secured $83 million for the acquisition and rehabilitation of Woodway Square Apartments, a 240-unit affordable housing project in Austin, Texas. The financing comprises an equity bridge loan of approximately $18.2 million, a $40 million construction to permanent loan, and $24 million in Low-Income Housing Tax Credit equity.
The project will serve families earning no more than 60% of the area median income, with a total project cost of $72 million for rehabilitation. KeyBank's efforts are supported by local programs aimed at assisting low-income persons with disabilities through rental assistance.
KeyBank has announced a $250,000 donation from the KeyBank Foundation aimed at supporting the Farmer School at Miami University. This donation will provide scholarships for underrepresented students, enhance academic advising, wellness, and tutoring, and assist in curriculum development focused on cyber security, analytics, and financial modeling. The donation reflects KeyBank's long-standing partnership with the Farmer School, totaling over $500,000 in investments to support students in pursuing careers in banking and finance, as stated by KeyCorp's CEO, Christopher Gorman.
KeyBank Foundation has announced a $1 million investment to enhance workforce development programs at the Buffalo Center for Arts & Technology (BCAT). This funding aims to support underserved communities and is part of KeyBank's broader commitment to invest $40 billion in the areas it serves. The BCAT program has successfully graduated over 250 adults in four years, focusing on careers in health, technology, and landscape sectors. KeyBank's ongoing efforts since 2017 include over $1 billion in investments in Buffalo, targeting affordable housing and community development.