Vermont Business Magazine 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.
Here in Vermont, KeyBank has invested $83,116,663 in the local community in the last three years, including:
- $64,741,000 in community development projects, including developments with Vermont Housing Finance Agency and Cambrian Rise/Green Mountain Housing;
- $3,525,000 in small business loans to businesses that are part of low-to-moderate income communities;
- $14,257,000 in mortgage lending to low-to-moderate income communities;
- $593,663 in transformational philanthropic investments, including grants to Champlain Housing Trust, University of Vermont Medical Center, Committee on Temporary Shelter (COTS), and World Learning, to name a few.
"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
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.
For more information about KeyBank’s corporate responsibility efforts, see the attached press release and log on to: https://www.key.com/about/corporate-responsibility/crreports.jsp
Source: CLEVELAND, May 27, 2020 /PRNewswire/ -- KeyCorp Key.com