KEYBANK EXPANDS COMMERCIAL BANKING TEAMS IN CHICAGO AND SOUTHERN CALIFORNIA TO SERVE THE MIDDLE MARKET

Rhea-AI Summary

KeyBank (NYSE: KEY) announced an expansion of its commercial banking operations in Chicago and Southern California to enhance its middle market services. The expansion includes new appointments and team additions in both regions. Ben Van Vlerah has been appointed Illinois market president, leading a team of four new commercial bankers in the Midwest. In Southern California, Robert Besser has been promoted to commercial leader, overseeing four new team members. The expansion leverages KeyBank's platform of commercial lending, capital markets capabilities, and specialized payment solutions. KeyBank currently manages assets of approximately $190 billion as of September 30, 2024.

Positive

• Strategic expansion into two major middle market business regions
• Strengthening commercial banking capabilities with experienced new hires
• Leveraging existing capital markets and specialized industry verticals

Negative

• None.

Insights

Market Research Analyst

This expansion into Chicago and Southern California represents a strategic move by KeyBank to tap into two of the largest middle market business concentrations in the U.S. The bank's focus on privately owned businesses and middle market companies shows a clear push to diversify revenue streams and increase market share in key metropolitan areas.

The addition of experienced bankers, each with 15-25 years of industry expertise, demonstrates a serious commitment to these markets. With $190 billion in assets, KeyBank has the financial muscle to compete effectively. The expansion leverages their existing capital markets capabilities and specialized industry verticals, which could drive significant revenue growth in these regions.

However, the timing of this expansion coincides with challenging market conditions, including high interest rates and economic uncertainty. Success will depend on the team's ability to differentiate KeyBank's services in highly competitive banking markets.

CLEVELAND, Nov. 19, 2024 /PRNewswire/ -- KeyBank (NYSE: KEY) announced an expansion of its commercial banking business in Chicago and Southern California to serve more middle market clients with their differentiated platform – which includes a full range of commercial lending and capital markets capabilities as well as payments solutions designed specifically for the segment.

"Chicago and Southern California are two of the largest concentrations of middle market businesses in the country, where our unique platform gives us a competitive advantage," said Ken Gavrity, president of Key Commercial Bank. "We're excited to bring the full scope of operations to these areas where our robust capital markets capabilities and specialized industry verticals are well-established."

Ben Van Vlerah has been appointed Illinois market president and regional commercial leader for Illinois and Northern Indiana. Van Vlerah brings more than 25 years of commercial banking experience to KeyBank. Reporting to Van Vlerah are four new commercial bankers who will be responsible for generating new business opportunities and delivering the full set of Key's commercial bank offerings to middle market companies in the Midwest.

• Gavin Newman joins KeyBank as commercial leader with a focus on privately owned businesses based in Chicago. Newman has 25 years of experience serving the middle market throughout the Midwest.
• Ryan Ferris serves as a commercial leader with over 10 years of banking experience working with a variety of businesses, family offices and financial sponsors throughout the Midwest to provide financial services.
• Taylor Fraleigh joins the team as senior relationship manager with more than 13 years of experience in commercial banking. Fraleigh will be focused on privately owned middle market companies located in the Chicagoland area.
• Anthony Balthazor also serves as a senior relationship manager. He brings to Key more than 20 years of banking experience partnering with privately held middle market businesses and family offices throughout the Chicago area. 

Robert Besser has been promoted to commercial leader and is responsible for leading a team serving the Southern California market. Besser has over 25 years of experience in commercial, corporate and investment banking in the region, reporting to Matt Hill, regional commercial leader for California, Washington and Alaska.  Reporting to Besser are four recent additions to Key Commercial Bank.

• Erica Elsasser joined the team in May as a senior relationship manager responsible for managing existing clients in California and developing new prospects in the Southern California market. Elsasser also leads partnerships with small business investment companies and selective financial sponsors. She started her career at KeyBanc Capital Markets in 2009 and relocated to Los Angeles in 2018.
• James Gibson joins KeyBank as a senior relationship manager responsible for expanding the bank's relationships with financial services partners and middle market companies primarily in the Orange, Inland Empire and San Diego counties in Southern California. Based in Newport Beach, he has more than 20 years of experience working in financial services in the region.
• Trevor Mates serves as a senior payments advisor, partnering with the senior relationship team to optimize client cash management solutions. Mates is based in Newport Beach and brings nearly 20 years of experience leading treasury relationships.
• Elizabeth Bui joins the team as an associate to support the California market expansion, having previously served as an equity research associate with KeyBanc Capital Markets.

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 $190 billion at September 30, 2024. 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/.

 

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SOURCE KeyBank

FAQ

What regions is KeyBank (KEY) expanding its commercial banking operations in 2024?

KeyBank is expanding its commercial banking operations in Chicago and Southern California to serve middle market clients.

Who was appointed as KeyBank's (KEY) Illinois market president in 2024?

Ben Van Vlerah was appointed as Illinois market president and regional commercial leader for Illinois and Northern Indiana.

What is KeyBank's (KEY) total asset value as of September 30, 2024?

KeyBank's total assets were approximately $190 billion as of September 30, 2024.

Who is leading KeyBank's (KEY) Southern California commercial banking team?

Robert Besser has been promoted to commercial leader for the Southern California market.