KeyCorp. was formed in 1994 through the merger of Key Bank of Albany, New York, and Society Corp. of Cleveland. Key Bank could trace its roots back to Commercial Bank of Albany (1825); Society Corp. originated as Cleveland’s Society for Savings in 1849.
KeyCorp is a bank holding company and a finance holding company. Through their subsidiaries they provide a large range of retail and commercial banking, commercial leasing, investment management, consumer finance and investment banking products and services to individual, corporate and institutional clients through three major business groups: Consumer Banking, Corporate and Investment Banking, and Investment Management Services. As of December 31, 2004, services were provided across much of the United States through subsidiaries operating 935 full-service retail banking branches (Key Centers), a telephone banking call center services group and 2,194 automated teller machines (ATMs) in 17 states. In December 2004, Key Equipment Finance (KEF), a unit of KeyCorp, acquired American Express Business Finance Corporation (AEBF), the equipment-leasing unit of American Express’ small business division
For the fiscal year that ended on the 31st of December, 2005, KeyCorp’s total interest income increased 22% to $4.62B. Net interest income after lending loss provisions increased 9% to $2.65B. Net income increased 18% to $1.13B. The net interest income reflects higher education loans and gain from securitization. The net interest income was partially offset however, by higher deposits expenses, lower trust & investment service income and increased personnel expenses.
KeyCorp’s corporate functions include strategic planning, marketing, technology services, human resources, and legal and finance areas of the corporation.
Their investment management services consist of two primary lines of business: Victory capital management and the McDonald Financial Group. Both provide a broad array of investment management products and services to both individuals and companies. The McDonald Financial Group focuses on affluent individuals as well as families, while Victory Capitol Management helps to advice companies, organizations and institutions.
KeyCorp provides retail banking services through KeyBank, which operates nearly 950 branches in more than a dozen states. The Corporate and Investment Banking group, which includes McDonald Investments, serves business clients great and small, offering deposit, lending, corporate trust, and cash management services, as well as high-tech equipment leasing. Key’s Investment Management Services segment entails insurance, brokerage, and employee benefits services, and the Victory line of mutual funds. KeyCorp bought Seattle-area bank EverTrust Financial Group in 2004.
In April of 2005, KeyCorp was ranked at number 355 on the Fortune 500, Fortune magazines list based on total revenues. In the 2000 ranking, Forbes Magazine placed KeyCorp at number 334. KeyCorp is also rated A2 in Senior Long Term Debt from Moodys and A- by S&P, as well as A by Fitch.
127 Public Square
Cleveland, OH 44114
Mortgage Refinance is not necessarily affiliated with the mortgage lender featured on this page. Lender information is for informational or comparison purposes only. Home Equity Info makes no representation, express or implied, that you will receive a quote from any particular lender, and makes no guarantee as to the lender affiliation of any broker or agent who may contact you.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.