CLEVELAND, March 12, 2021 /PRNewswire/ -- Building on early
fulfillment of its groundbreaking
$16.5 billion Community Benefits
Plan, KeyBank today announced it will increase its commitment to
$40 billion. The investments will
continue to focus on economic access and equity for underserved
communities and populations.
KeyBank also announced it has received its 10th
consecutive "Outstanding" rating from the Office of the Comptroller
of the Currency for reaching the highest standards of the Community
Reinvestment Act (CRA). The Community Reinvestment Act requires
banks to meet the credit needs of low- and moderate-income (LMI)
communities across America. KeyBank is one of the only U.S.
national banks to be rated "Outstanding" by the OCC for ten
consecutive review periods, since the Act's passage in 1977.
KeyBank's announcement comes as it has surpassed the goal of the
initial five-year $16.5 billion
commitment one year early by delivering more than $18 billion in lending and investments across its
footprint. These investments have supported affordable housing and
community development projects nationwide, small business and home
lending in low- and moderate-income communities, and philanthropic
efforts targeted toward education, workforce development, and safe,
vital neighborhoods. Through its expanded commitment, KeyBank's
aggregate investments under the Community Benefits Plan will
include:
- $36 Billion - Economic Equity
& Inclusion - KeyBank will continue its commitment to
providing affordable housing, home and small business lending in
low- and moderate-income communities, and transformative
philanthropy throughout the markets where it does business. In
addition, KeyBank plans to support homeownership by investing in
down payment assistance.
From hiring and career development to increasing spend with diverse
suppliers, KeyBank will continue its longstanding focus on
diversity, equity, and inclusion inside and outside of the
company. KeyBank will also build partnerships with CDFIs
focused on serving minority-owned businesses and will develop and
deliver financial education in minority and LMI
communities.
- $4 Billion - Renewable Energy
& Sustainability - Since 2012, KeyBank has made more than
$15 billion in renewable energy
investments and was a top provider of renewable energy financing in
North America in 2019 and 2020.
The updated commitment will include this long-standing focus to
increase KeyBank's renewable energy financing, as well as
accelerating Key's efforts to reduce the company's environmental
footprint.
To implement the Community Benefits Plan, KeyBank will work with
community leaders and organizations to develop specific plans for
each market it serves across 15 states. For more information on
KeyBank's more than $40 billion
National Community Benefits Plan, log on to Key.com/Community.
Chris
Gorman
Chairman, Chief Executive Officer, and
President, KeyCorp
"Corporate citizenship matters; it
matters for our communities, for our clients, and for our
colleagues. Delivering on the commitments of our Community Benefits
Plan has brought access to capital for neighborhoods and neighbors
who have often faced unfair barriers to financial support.
Receiving a tenth consecutive 'Outstanding' rating for exceeding
the requirements of the Community Reinvestment Act serves as
affirmation that KeyBank's approach is the right one- but we
recognize the work isn't finished."
"Doing our part to address social justice and racial equity,
increasing environmental concerns, and an international pandemic
with disproportionate impact on low- and moderate-income
communities is both an opportunity and an obligation. Creating
shared value with the communities we serve means facing head on the
issues we have long been working to address. These systemic issues
must be addressed collectively – inside and outside our company -
to drive the outcomes we want to create."
Greg Jones
Chief
Diversity, Equity, and Inclusion Officer, KeyCorp
"While
2020 has brought significant challenges to our communities and a
collective awakening about the injustices people of color face
every day in America, these challenges have presented each of us
with opportunities to take action and influence change. Through the
National Community Benefits Plan, we are committed to addressing
these issues in ways that provide both comprehensive and
sustainable social, racial, and economic solutions. Whether it is
providing access to affordable housing, supporting local small
businesses, or increasing representation within KeyBank's executive
ranks, the extended Plan is designed to build upon our strong
foundation and create lasting change in our communities."
Eric Fiala
Head of
Corporate Responsibility, KeyCorp
"We know our markets
and have a proven track record of helping clients and communities
thrive. KeyBank will work closely with local leaders and
organizations to develop comprehensive solutions to the pressing
issues of economic disparity, racial equity, and climate change. We
know that change only comes through understanding the unique
situations of each community and standing with those working to
improve our neighborhoods."
About KeyCorp
KeyCorp's (NYSE: KEY) 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 $170.3 billion at December
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
more than 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