Bank of America Holding Company: KeyCorp (KEY)

KeyCorp ( NYSE:KEY ) was established in 1849 and is headquartered in Cleveland, Ohio. It has 17,045 full-time employees. It is a bank holding company. Through the holding of KeyBank National Association (KeyBank), it provides individuals, businesses and Institutional clients provide various retail and commercial banking services, including deposits, mortgages, credit cards, and various financial planning.


KeyCorp (KEY):

KeyCorp mainly conducts business through its subsidiary KeyBank. After completing the acquisition of First Niagara Bank in 2016, KeyCorp has become the 18th largest bank in the United States in terms of total assets, and KeyBank has been the only bank since 2008 A bank mainly in Cleveland.

According to the “Bank Holding Company Act”, KeyCorp’s main regulatory agency is the Federal Reserve, and the KeyBank National Association is a national chartered bank supervised by the Federal Deposit Insurance Corporation (FDIC) Office of the Comptroller of Currency, and other subsidiaries It is regulated by the Consumer Financial Protection Bureau (CFPB), the US Securities and Exchange Commission and other regulatory agencies.

KeyCorp is divided into 2 departments to operate:

  1. Key Community Bank (Key Community Bank)-provides deposits and investment products; personal financial services and loans, including housing mortgages, home equity, credit cards and personal instalment loans; deposits, investment and credit products, and for small businesses Business consulting services; and financial, estate and retirement planning and asset management services for high-net-worth clients. The department also provides commercial loans, cash management, equipment leasing, investment and employee benefit plans, succession planning, capital market access, derivatives and foreign exchange services to mid-sized companies.
  2. Key Corporate Bank-provides a set of banking and capital market products, such as syndicated financing, debt and equity capital market products, commercial payments, equipment financing, commercial mortgage banks, derivatives, foreign exchange, financial consulting and public finance , And commercial mortgages for mid-market customers, including consumer, energy, medical, industrial, public, real estate and technology sectors.
  3. In addition, KeyCorp also provides personal, securities lending and custody services; access to mutual funds; capital, investment banking, international banking and investment management services; public retirement plans, foundations and endowment plans; and community development financing, securities underwriting, and brokerage services And financial services consisting of business services.

As of December 31, 2018, KeyCorp passed all over Alaska, Colorado, Connecticut, Idaho, Indiana, Kentucky, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania 1,159 retail bank branches and 1,505 ATMs in 15 states including Utah, Utah, Vermont, and Washington, as well as other offices, online and mobile banking services, and telephone banking call centers to provide products and services. The customer base covers retail , Small businesses, corporate and investment customers.

KeyCorp (KEY) History (Recent):

  • In January 2012, KeyCorp acquired 37 former HSBC branches in Upstate, New York from First Niagara for US$110 million ;
  • On August 1, 2013, KeyCorp completed the sale of Victory Capital Management Inc. (VCM) and Victory Capital Advisers, Inc. (VCA) to Victory Capital Holdings ;
  • In January 2015, KeyBank NA participated in the construction debt financing behind the purchase of Balko Wind Project by DE Shaw Renewable Investments from Apex Clean Energy ;
  • On October 30, 2015, KeyCorp and First Niagara Financial Group announced that they have signed a definitive agreement under which KeyCorp will acquire First Niagara in a cash and stock transaction worth approximately US$4.1 billion. This transaction will strengthen Key’s position in New York and New England, and enter Pennsylvania for the first time, and will become Pittsburgh’s top five banks. At the same time, it will also acquire a branch of National City Corp., a former rival in the same city, Key. After PNC Financial Services took over National City in 2008 , it tried to acquire from PNC and was finally acquired by First Niagara;
  • On April 28, 2016, KeyCorp announced that it would sell 18 First Niagara branches in Erie and Niagara Counties of New York State to Northwest Savings Bank (NASDAQ:NWBI) for antitrust reasons .
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