CLEVELAND, OH / ACCESSWIRE / January 23, 2024 / 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 September 30, 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 1,300 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
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