CLEVELAND, May 27, 2020 /PRNewswire/ -- KeyCorp (NYSE:
KEY) has released its 2019 Corporate Responsibility report,
highlighting the company's ongoing legacy as a responsible bank and
citizen. Included in the report are the results from the first
three years of the National Community Benefits Plan, under which
KeyBank has invested over $12.1
billion in communities. KeyBank executives said the
investments exceeded the goals for the first three years of the
plan by 48%.
The 2019 KeyCorp Corporate Responsibility Report can be found
here.
"Our purpose is to help our clients and communities thrive,"
said Chris Gorman, KeyCorp's
Chairman and CEO. "Building stable and safe neighborhoods,
growing small businesses, and creating shared value with our
communities is part of Key's strong legacy but it is even more
critical today because of the impacts of COVID-19. Our
five-year, $16.5 billion National
Community Benefits Plan has laid a solid foundation from which
KeyBank will continue to support our neighbors and neighborhoods in
the places where we live and work."
Highlights from the community benefits plan results include:
- Through the third year of the plan, KeyBank has invested a
total of $8.5 billion in community
development projects, including those providing affordable housing,
revitalizing and stabilizing neighborhoods, and supporting vital
community service initiatives.
- KeyBank originated $1.3 billion
in small business loans since 2017 to low-to-moderate income
borrowers and urban and rural communities. KeyBank has committed to
investing $2.5 billion in small
business lending over the five years of the National Community
Benefits Plan.
- KeyBank's mortgage lending to low-to-moderate income
communities was nearly $972 million
in 2019, an increase of 31% over the previous year. This represents
a three-year total of $2.1 billion in
loans to support home ownership in underserved communities.
- KeyBank made more than $104
million in philanthropic investments in neighbors and
neighborhoods across its 15-state footprint in the first three
years of the community benefits plan. These investments were
consistent with the KeyBank Foundation's and First Niagara
Foundation's strategic pillars of Thriving Students, Workforce, and
Neighborhoods, and help build meaningful relationships that will
create lasting change in our communities.
"Community investment and engagement is always important as we
have an obligation to bring hope, opportunity, and dignity to the
neighborhoods where we do business. But today it's even more
important with so many people out of work and so many businesses
struggling in our neighborhoods," Don
Graves, Head of Corporate Responsibility, said. "COVID-19
hasn't revealed new issues, rather it has shown us the depths of
the issues we've been working to address, and just how much further
we have to go."
KeyBank has made an $18 million
philanthropic commitment for COVID-19 response throughout the most
vulnerable communities. Through KeyBank Foundation's 2:1 COVID-19
Response Employee Matching Gift program, KeyBank teammates donated
$2 million to more than 1,200
community nonprofits. In addition, KeyBank gave back $270,000 to communities through the
#KeyBankAssists program, which surprised 2,640 families in April
with gift cards to local restaurants and thanked more than 50
essential worker and first responder teams with gift cards,
supporting 12 charities and 60 small businesses.
KeyBank also said its annual day of service, Neighbors Make The
Difference Day, has become a virtual event in 2020 where employees
will have more than 9,000 volunteer events to choose from
throughout June. Since March, KeyBank employees have already logged
more than 1,475 hours on virtual volunteer projects across the
country in support of programs helping ease the impact of
Covid-19.
In addition to information on the National Community Benefits
Plan, KeyBank's 2019 Corporate Responsibility report focuses on the
bank's commitment to its clients, communities and employees.
Highlights of the report include detail on KeyBank's efforts
around: diversity, equity and inclusion; fostering sustainable
communities and operations; financial wellness; employee
volunteerism; and transformative philanthropy. To view the full
KeyBank Corporate Responsibility Report, visit:
www.key.com/crreport
About KeyBank
KeyCorp's roots trace back 190 years to
Albany, New York. Headquartered in
Cleveland, Ohio, Key is one of the
nation's largest bank-based financial services companies, with
assets of approximately $156.2
billion at March 31, 2020. Key
provides deposit, lending, cash management, and investment services
to individuals and businesses in 15 states under the name KeyBank
National Association through a network of over 1,000 branches and
approximately 1,400 ATMs. Key also provides a broad range of
sophisticated corporate and investment banking products, such as
merger and acquisition advice, public and private debt and equity,
syndications, and derivatives to middle market companies in
selected industries throughout the United
States under the KeyBanc Capital Markets trade name. For
more information, visit https://www.key.com/. KeyBank is Member
FDIC.
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SOURCE KeyCorp