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About Key Bank:
KeyBank is a regional bank headquartered in Key Tower within Cleveland, Ohio’s Public Square. As of 2007[update], it is the 16th largest bank in the United States based on total deposits.[1] It is the 12th largest bank in the United States by total assets.[2]
KeyBank National Association is a nationally chartered bank, regulated by the Office of the Comptroller of the Currency, Department of the Treasury.
KeyBank has approximately 17,468 employees[3] and a diverse client base. Key’s customer base spans retail, small business, corporate, and investment clients. There are 985 Key branches located in Alaska, Colorado, Connecticut, Idaho, Indiana, Kentucky, Maine, Michigan, New York, Ohio, Oregon, Utah, Vermont, and Washington, and 1,479 ATMs. KeyCorp maintains business offices in 31 states. In 2008, Key was ranked 321 on the Fortune 500 list.[4]
KeyBank also has several major sub-headquarters throughout Ohio; these are located in Cincinnati, Columbus, and Dayton. KeyBank recently took naming rights to the former MeadWestvaco Tower in Dayton, Ohio which is now named KeyBank Tower.
With RBS-owned Citizens Financial Group acquiring Charter One Financial in 2004 (though the latter retained its name in most areas under Citizens ownership) and the acquisition of National City by PNC Financial Services in 2008, KeyBank is the last surviving major bank based in Cleveland.
The company owns the naming rights to KeyArena in Seattle, WA. On April 11, 1995, the city of Seattle sold the naming rights to KeyCorp for $15.1 million, which renamed the Coliseum as KeyArena. Now that KeyArena has lost its major tenant, there has been speculation that KeyCorp may try to amend or back out of the naming rights deal.[5] However, in March 2009, the city and KeyCorp signed a new deal for a two-year term ending December 31, 2010, at an annual fee of $300,000. [6]
Key took a very different path to the altar with Society. In 1825, New York Governor DeWitt Clinton signed a bill chartering the Commercial Bank of Albany. In 1865, Commercial Bank was reorganized under the National Banking Act of 1864, and changed its name to National Commercial Bank of Albany. Over a hundred years would pass before National Commercial would merge with First Trust and Deposit to become First Commercial Banks in 1971, still a modest New York State bank with 89 offices. A young workaholic named Victor J. Riley, Jr., became president and CEO in 1973. Riley was born in Buffalo, New York in 1931. Key would change its name to Key Bank Inc. in 1979. [10]
Riley embarked on a plan to grow Key through acquisitions. From the mid-1970s to early 1980s, it grew but largely remained in upstate New York bank. Riley went outside New York, expanding the footprint with an acquisition in Maine. However, by the mid-1980s, the state banking regulators within New England began to scoff at the idea of New York banks controlling their capital. That, coupled with increasing competition for acquisition targets, caused Riley to essentially abandon the northeastern region. He then began hunting for prey in the northwestern U.S. Riley found a target-rich environment in rural and underserved areas. He snapped up small banks in Wyoming, Idaho, Utah, Washington and Oregon. He even went so far as to buy two banks in Alaska, for which he was flogged in the media and in banking circles. Unorthodox strategy aside, Riley quintupled Key’s assets from $3 billion to $15 billion in just four years between 1985 and 1990.
While the early 1990s recession rocked many banks, Key had ample capital. In fact, it would buy the assets of two failed thrifts from the government: Empire Federal Savings and Loan and Goldome Savings Bank. Once the recession passed, Key returned to the hunt, mostly tuck-in deals within its existing footprint. For instance, in March 1992, it bought Tacoma, WA-based Puget Sound Bancorp for $807.2 million to bolster its presence in Washington. [11] Also in 1992, Key acquired Home Federal Savings of Fort Collins, its first move into Colorado. Key amassed nearly 700 banking offices. [12]
By 1993, the rural strategy with local management and minimal technology made Key a very profitable bank. However, it was getting tougher for Riley and CFO William Dougherty to maintain their 15 percent return on equity target and investors were cooling on Key stock after many high growth years. Accordingly, Key began testing a Vision 2001 computer system, which would speed up and enhance the loan process through faster credit scoring, loan servicing and collection capabilities. Fee simple single tenant Key Bank nnn lease for 1031 exchange.
