CLEVELAND, Jan. 23,
2024 /PRNewswire/ -- KeyBank (NYSE: KEY) announced
placement of $50 million in deposits
with six Community Development Financial Institutions (CDFIs) and
Minority Depository Institutions (MDIs), including four Black-owned
banks or managed banks and two banks serving Alaskan Native and
Native American communities. As a founding member of the Economic
Opportunity Coalition, KeyBank is pioneering the support of placing
deposits with urban and rural community lending institutions to
further enhance their ability to serve historically under-resourced
communities. This effort is one of many that symbolizes KeyBank's
larger purpose: to help clients and communities thrive.
Today's announcement includes our support in the following
institutions:
- Adelphi Bank – Columbus,
OH
- Carver Federal Savings – Harlem, NY
- First Independence Bank – Detroit,
MI
- Legacy Bank – Murrieta,
CA
- OneUnited Bank – Boston,
MA
- Native American Bank – Denver,
CO
"Our country's CDFIs and MDIs are vital to providing economic
opportunity in underserved and low-income communities," said
Chris Gorman, Chairman and CEO of
KeyBank. "Our support of the CDFIs and MDIs is part of our ongoing
commitment to address social justice and racial equity in the
communities we so proudly serve."
"KeyBank's acknowledgment of Legacy Bank's social mission within
Native American communities is sincerely appreciated. Inclusion as
a Native American bank among other CDFI and MDI institutions in
their $50 million deposit commitment
exemplifies KeyBank's commitment to fostering a more inclusive
financial landscape," said James D.
Hicken, President & CEO of Legacy Bank. "Together, we
can amplify our impact, broaden financial access, and enhance the
quality of life in urban and rural areas alike. We value KeyBank's
shared vision and collaborative spirit in making a lasting
difference for low-income and underserved communities."
"KeyBank is demonstrating what a more inclusive financial
services industry looks like by fulfilling their overall
$50 million commitment towards
various Minority Depository Institutions in America," said
Kenneth Kelly, Chairman & CEO of
First Independence Bank. "This support allows various MDIs to
continue their concerted effort to expand their reach and expand
relationships into partnerships within our industry. I am
elated that KeyBank shares the same vision that all leaders can
better impact communities we serve when we collaborate to broaden
the financial quality of life for all."
This support for Community Development Financial Institutions
and Minority Depository Institutions are just the latest testament
to KeyBank's enduring commitment to economic inclusion. In
2022, KeyBank extended financing to 10 additional CDFIs,
including loan funds, affordable housing lenders, and small
business loan providers that included $67
million of debt financing and approximately $6.5 million of equity financing. Prior to 2022,
KeyBank deployed $93 million to
CDFIs, including Cleveland Development Partnership, Impact Capital,
and Rocky Mountain Reinvestment Corporation.
About KeyCorp
KeyCorp's roots trace back nearly
200 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 $188
billion at December 31,
2023.
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 approximately
1,000 branches and approximately 1,200 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 KeyBank