Keycorp Stock Price, News & Analysis

KeyBank's Key4Women program, in partnership with Micro Enterprise Services of Oregon (MESO) and the Portland Thorns FC, announced the winner of their 2024 Women-Owned Business Pitch Contest. DTOCS , owned by Pallavi Pande, won the grand prize of $20,000 for their eco-friendly sustainable single-use dinnerware solution. The contest, held on October 10th at Providence Park in Portland, featured 10 finalists selected from 89 applicants competing for $50,000 in total awards.

Other winners included Callie's Custom Hat Wigs and For Bitter For Worse, each receiving $8,000. Six additional businesses received $2,000 prizes. The competition was open to businesses 51% or more owned by women in specific Oregon and Washington counties. Judges evaluated pitches based on presentation quality, business vision clarity, economic impact, and value proposition soundness.

KeyBank's Key4Women Capital Region Chapter held its annual forum on October 18th in Albany, NY. The event featured ABC's Chief Meteorologist Ginger Zee as a speaker, who shared her inspiring journey overcoming mental health challenges. Deshanna Wiggins, CEO of the Albany Black Chamber of Commerce and Social Club, was honored with the 2024 Key4Women Achieve Award for her professional success and community leadership.

KeyBank also recognized the Capital District Women's Employment and Resource Center (WERC) as its charitable partner, donating $2,500 to support women's success in the workplace. The Key4Women program aims to provide growth opportunities and advice for women business owners and leaders, offering access to capital and tailored financial solutions.

KeyBank celebrated the one-year anniversary of its West Valley City branch in Utah with a $10,000 grant to Comunidades Unidas, an organization supporting Latinx immigrants. The event featured sweepstakes, networking, and family activities. The branch showcases KeyBank's financial wellness center model, offering comprehensive financial services and consultations.

The branch, located at 2807 South 5600 West, West Valley City, UT 84120, is equipped with digital screens, a client hospitality space, and a drive-up teller line. It serves individuals, families, and businesses in the area. Drew Yergensen, KeyBank Utah market president, expressed enthusiasm about strengthening relationships with clients and community partners.

KeyBank, headquartered in Cleveland, Ohio, has assets of approximately $187 billion as of June 30, 2024. It operates in 15 states with about 1,000 branches and 1,200 ATMs, offering a wide range of financial services to individuals and businesses.

KeyBank and the KeyBank Foundation have announced a $300,000 investment in Avalon Housing, a nonprofit provider of affordable housing in Ann Arbor. This funding will enhance Avalon's supportive services for tenants and clients, specifically focusing on intensive case management services for individuals and families at the highest risk of housing instability.

Avalon Housing uses the supportive housing approach, which prioritizes tenants' health and well-being by providing resources to help them thrive in their homes. This approach has led to a 95% housing retention success rate. The investment will allow Avalon to provide personalized support, helping tenants navigate complex care systems and connect with necessary resources.

The partnership aims to address the increasing homelessness in Washtenaw County due to a lack of affordable housing. Avalon is currently developing nearly 175 new housing units to further combat this issue.

KeyBank's Key4Women is hosting a free virtual event titled "She Means Business: Tips for Growth and Resilience" on October 18th, 2024 at 12:00 p.m. EST. The one-hour webinar will feature a panel discussion led by Rachael Sampson, Key4Women's National Director and Head of Community Bank, with accomplished female leaders and entrepreneurs sharing their experiences and strategies for success.

Participants will learn about transitioning from corporate jobs to entrepreneurship, setting boundaries, and leveraging technology for business growth. Panelists include Ginger Siegel from Mastercard, author and coach Brenda Abdilla, and Amy Peterson from Rebel Nell. The webinar aims to provide actionable tips for business owners and professionals across various industries.

Key4Women, established in 2005, has generated over $12 billion in loans to women-owned businesses and offers free membership with access to Certified Key4Women Advisors who support women's financial wellness journeys.

LISC Fund Management, (LFM) and partners have launched the Cleveland Housing Investment Fund (CHIF), backed by an $18 million grant commitment from the City of Cleveland and a $20 million planned investment from KeyBank. The fund aims to invest $100 million in affordable housing and neighborhood development, focusing on underrepresented communities.

The CHIF will provide debt and equity-like funding for mixed-income rental housing and homeownership opportunities, targeting developers historically excluded from capital markets. This initiative addresses Cleveland's rising rents and the pressing need for affordable housing across income levels.

Managed by LFM in collaboration with LISC Cleveland, the fund seeks additional corporate and philanthropic investments. The project represents a significant public-private partnership to tackle housing inequities and promote shared prosperity in Cleveland.

KeyBank and the KeyBank Foundation have invested $300,000 in Cincinnati's Minority Business Accelerator (Accelerator) to support high-potential minority-owned businesses. The three-year grant aims to provide intensive services to a minimum of 25 businesses annually, totaling 75 over the grant period. The Accelerator will offer comprehensive support including strategy development, capital access, technical assistance, client opportunities, and marketing support.

The Accelerator, founded 20 years ago, has a proven track record of success. Minority Business Enterprises (MBEs) working with the Accelerator have achieved approximately $2 billion in aggregate annual revenues, created over 3,500 sustainable jobs, and averaged double-digit annual growth. This investment aligns with KeyBank's commitment to empowering local organizations and supporting long-term success for minority-owned businesses.

KeyBank has surpassed $1 million in Neighbors First Credits, helping 200 clients achieve homeownership. This Special Purpose Credit Program provides $5,000 toward closing costs and other pre-paid fees for eligible properties. KeyBank's efforts are making homeownership more attainable, especially as their 2024 Financial Mobility Survey found 69% of non-homeowners believe owning a home is not very achievable.

The bank has made significant impacts in various communities, including Cleveland (47 credits, $235,000) and Columbus (25 credits, $125,000). KeyBank also offers two other special purpose credit programs: the Homebuyer Credit (over $2.4 million funded, helping 533 clients) and the Key Opportunities Home Equity Loan ($13 million funded, assisting 259 clients).

These initiatives align with KeyBank's purpose of helping communities thrive by making homeownership more affordable, accessible, and sustainable.

KeyBank's semi-annual Middle Market Sentiment Report reveals a surge in optimism among middle market businesses, with 78% reporting an excellent/very good outlook for the next 12 months. The survey of over 700 companies with $10M to $1B in annual revenue shows:

- 50% have a positive U.S. economic outlook
- 90% anticipate M&A involvement on the buy-side in the next two years
- 54% plan to implement AI in the next six months

Despite challenges like inflation (34%), higher labor costs (30%), and interest rates (29%), businesses are leveraging technology and automation for growth. However, 87% plan to tap alternative capital sources due to tight access. Cybersecurity remains a concern, with 32% experiencing issues in the past year.