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 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.
BOSTON, MA / ACCESSWIRE / March 29, 2023 / Arctaris Impact Fund has secured a new $10 million warehouse line of credit from KeyBank's Community Development Lending and Investment group. This funding will bridge the gap between investment and long-term financing for projects that foster job creation and economic empowerment in underserved communities. The Fund, boasting an A senior credit rating and BBB bond rating, focuses on small businesses, infrastructure, and affordable housing. Jonathan Tower of Arctaris expressed confidence in the positive impact of KeyBank's investment on sustainable business growth in marginalized areas.
KeyCorp has announced an increase in its prime lending rate from 7.75% to 8.00%, effective March 23, 2023. This decision reflects adjustments to the economic landscape and impacts borrowing costs for consumers and businesses. KeyCorp, headquartered in Cleveland, Ohio, is a significant player in the financial services industry, managing assets of approximately $189.8 billion as of December 31, 2022. The increase in the prime rate may influence lending activity and overall market dynamics.
KeyBank has awarded a $150,000 grant to the St. Vincent de Paul Society of Lane County (SVdP) to support its new Shed-ucation initiative. This program, developed with Lane Workforce Partnership and Lane Educational Service District, enables students in rural high schools to gain hands-on experience by building sheds for mobile-home parks. The funding will cover costs for materials and labor, benefiting students with practical skills and low-income families with quality storage solutions. KeyBank's Market President praised the project for its community impact and career preparation for youth.
KeyBank has strengthened its commitment to diversity, equity, and inclusion by launching a partnership with Resilia, a social enterprise helping nonprofits led by Black, Hispanic, Indigenous, and people of color. This initiative will support 25 grassroots organizations across the U.S. through a year-long capacity-building pilot program designed to enhance their infrastructure and operational capabilities. Services include board development, fundraising plans, and management coaching. Shanelle Smith Whigham from KeyBank highlighted that a thriving nonprofit sector is crucial for community success.
KeyBank has donated $100,000 to support Rochester's Office of Financial Empowerment's Financial Empowerment Center (FEC) program. This funding aims to enhance efforts to promote homeownership for low-income families, support small businesses, and assist individuals from the re-entry population. The FEC has served over 2,300 clients since its launch in February 2020, helping them increase savings by over $1.6 million and reduce debt by more than $2.2 million. KeyBank's support is part of its commitment to fostering community growth and economic inclusion.
KeyBank has issued its second annual Task Force on Climate-related Financial Disclosures (TCFD) report, highlighting its dedication to combat climate change. The report details updated environmental targets, including achieving carbon neutral operations by 2030 and facilitating $38 billion for climate initiatives by 2026. KeyBank has reported a 31% reduction in greenhouse gas emissions and a 23% decrease in energy consumption since 2016. The establishment of a Climate Oversight Council and notable investments in renewable energy affirm KeyBank's commitment to a low-carbon economy.
KeyBank has announced a donation of $12,500 to The Next Door, a non-profit organization assisting economically vulnerable adults through financial education programs.
This contribution aligns with KeyBank's values of philanthropy and financial wellness, supporting initiatives aimed at promoting financial independence in the community. The Next Door serves over 3,000 community members annually, offering services such as mental health counseling and outreach training. KeyBank's market president emphasized the importance of this partnership in fostering financial confidence within the community.