KeyBank has earned its eighth ‘ Outstanding’ rating from the Office of the Comptroller of the Currency (OCC), for exceeding the terms of the Community Reinvestment Act (CRA) exam. Key is the only U.S. national bank among the 25 largest to be rated Outstanding by the OCC for eight consecutive review periods, since the Act’ s passage in 1977.
‘ We’ re honored to have earned an ‘ Outstanding’ rating from the OCC for the eighth consecutive time,’ said Beth Mooney, KeyCorp chairman and chief executive officer. ‘ It’ s a testament to the character of our people and our commitment to serving all markets in our footprint. We’ re especially proud to have provided loans, investments and services throughout the exam period, which was the height of the financial crisis. Being a responsible bank during difficult times matters to the communities that we serve.’
The Community Reinvestment Act requires banks to meet the credit needs of low- and moderate-income communities across America. The exam rates institutions in three categories: lending, investment, and services. Included in the assessment are bank practices such as mortgage lending, small business lending, community development lending, investments in community development organizations and projects, bank services to communities, and employee community involvement. For the overall rating and the three subcategories, banks are assigned one of four ratings: ‘ Outstanding,’ ‘ Satisfactory,’ ‘ Need to Improve’ or ‘ Substantial Noncompliance.’ The OCC completes a CRA exam for a bank every three to four years, and Key’ s recent exam period covered July 1, 2008 ‘ September 30, 2011.
‘ For us, it’ s not enough to simply satisfy compliance requirements. It’ s our goal to go beyond compliance to commitment to our communities,’ said Vermont Market President Don Baker. ‘ We have developed a business model that not only is viable for KeyBank but for the stability and vitality of our communities.’
KeyBank’ s CRA focus is part of its overall commitment to corporate responsibility, which
includes the bank’ s philanthropy, sustainability, volunteerism, and diversity efforts, such as:
· Neighbors Make the Difference Day, KeyBank’ s annual company-wide day of volunteerism in local neighborhoods. During the exam period, KeyBank employees volunteered a total of 100,400 hours, or $2.8 million in salary equivalency, on nearly 3,000 projects nationwide.
· Key’ s commitment to supplier diversity. KeyBank spent 15 percent of its overall vendor budget with minority-, women-, and veteran-owned businesses each of the past three years, compared to the average of eight percent spent by publicly traded corporations.
About KeyCorp
KeyCorp was organized more than 160 years ago and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key had assets of approximately $89.2 billion at March 31, 2013.
Burlington, VT, April 24, 2013 ‘ KeyBank