KeyBank Receives 11th Consecutive "Outstanding" Rating from the OCC on Community Reinvestment Act Exam

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KeyBank (KEY) maintains an 'Outstanding' rating from the OCC for the 11th consecutive time since 1977, showcasing its commitment to community reinvestment. KeyBank's recent investments in low-to-moderate income communities include $11.2 billion in PPP loans and $7.5 billion in affordable housing loans.

KeyBank has maintained a rating of "Outstanding" from the OCC for 11 consecutive review periods since the Act's passage in 1977

CLEVELAND, April 10, 2024 /PRNewswire/ -- KeyBank (NYSE: KEY) has earned its 11th consecutive "Outstanding" rating from the Office of the Comptroller of the Currency (OCC) on its most recent Community Reinvestment Act (CRA) exam. KeyBank has maintained a rating of "Outstanding" from the OCC for 11 consecutive review periods since the Act's passage in 1977.

"KeyBank's purpose is to help our clients and communities thrive. Through lending, investing, philanthropy, and volunteerism, we work together to serve our neighbors and revitalize our neighborhoods," said Chris Gorman, KeyCorp Chairman and CEO. "Our long record of 'Outstanding' CRA ratings is a testament to our enduring commitment to being both a responsible bank and responsible citizen. As we approach our 200^th anniversary, we look forward to continuing to work with our clients and within our communities to improve access and opportunity for all."

"This most recent 'Outstanding' rating reflects the work done by our teammates and partners in the communities we serve," said Eric Fiala, KeyBank's Chief Corporate Responsibility Officer. "We are grateful for their partnership and look forward to working together to continue to make impactful investments in the places we work and call home."

KeyBank's recent exam period covered January 1, 2019 – December 31, 2021.  Significant investments to support low-to-moderate income (LMI) communities during the exam period include: 

• KeyBank's quick response to support both clients and communities through the pandemic was highlighted in the rating decision. In 2020 and 2021, KeyBank processed 69,000 loans through the Paycheck Protection Program (PPP), providing more than $11.2 billion in critical funding to small and mid-size businesses.
• KeyBank invested over $900 million in tax credits and provided $7.5 billion in loans to support affordable housing and Community Development Financial Institutions, fostering economic growth throughout the communities we serve. 
• KeyBank awarded more than $43 million in grants in transformative philanthropy to support stronger communities and improve the quality of life for our neighbors and neighborhoods.

For more information about KeyBank's community investments, visit our corporate responsibility page: https://www.key.com/about/corporate-responsibility/cr-overview.html.

ABOUT KEYBANK
KeyBank's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, KeyCorp 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

FAQ

How many consecutive 'Outstanding' ratings has KeyBank received from the OCC?

KeyBank has earned its 11th consecutive 'Outstanding' rating from the OCC.

What period did KeyBank's recent exam cover?

KeyBank's recent exam period covered January 1, 2019 – December 31, 2021.

What significant investments did KeyBank make during the exam period to support low-to-moderate income communities?

KeyBank made significant investments during the exam period, including processing 69,000 PPP loans totaling $11.2 billion and providing $7.5 billion in loans for affordable housing.

How much did KeyBank invest in tax credits during the exam period?

KeyBank invested over $900 million in tax credits during the exam period.

How much did KeyBank award in grants for transformative philanthropy?

KeyBank awarded more than $43 million in grants for transformative philanthropy.