Welcome to our dedicated page for KeyCorp news (Ticker: KEY), a resource for investors and traders seeking the latest updates and insights on KeyCorp stock.
KeyCorp (NYSE: KEY) is a prominent financial services company headquartered in Cleveland, Ohio, with roots dating back nearly 200 years to Albany, New York. As one of the nation's largest bank-based financial services companies, KeyCorp has assets of approximately $187 billion as of March 31, 2024. The company operates under the name KeyBank National Association and serves clients through a network of approximately 1,000 branches and 1,200 ATMs across 15 states.
KeyCorp's core services include deposit, lending, cash management, and investment services tailored to individuals and businesses. The company also offers 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 throughout the United States under the KeyBanc Capital Markets trade name.
KeyBank is committed to making homeownership more accessible through its array of mortgage products and special purpose credit programs. Recently, the bank introduced Freddie Mac's Home Possible® mortgage loan, designed to offer more options and credit flexibilities to eligible individuals, aiming to boost homeownership rates.
The company also emphasizes wealth management for high net worth (HNW) and ultra-high net worth (UHNW) clients through Key Wealth, which includes Key Private Bank, Key Family Wealth, and Key Institutional Advisors. A strategic partnership with Neuberger Berman has further enhanced Key Wealth's offerings by integrating customized portfolio management to optimize tax efficiency and deliver better client outcomes.
Additionally, KeyCorp focuses on community development and corporate social responsibility. It has invested significantly in projects aimed at affordable housing, supporting small businesses, and educational initiatives. For instance, KeyBank recently invested in clean energy career preparation courses and skilled trade programs to help youth from diverse backgrounds thrive in emerging industries.
Financially, KeyCorp remains robust with a Common Equity Tier 1 ratio of 10.3% as of the first quarter of 2024. Despite challenges such as higher interest rates impacting net interest income and margin, the company continues to show resilience with steady customer deposits and low nonperforming loan ratios. The company declared a dividend of $0.205 per common share for the first quarter, reflecting its strong capital position.
For more information about KeyCorp's services, financial performance, and community initiatives, visit their official website at https://www.key.com.
KeyBank addresses homebuyer concerns during Fair Housing Month, emphasizing the importance of accessible bank offerings in the home lending process. A recent KeyBank poll revealed that 31% of homeowners earning under $75,000 did not seek information about homebuyer assistance programs, indicating a significant gap in awareness. To combat this, KeyBank introduces Special Purpose Credit Programs, including the Key Opportunities Home Equity Loan and an expanded Home Buyer Credit, which offers up to $5,000 for closing costs. KeyBank aims to facilitate homeownership, ensuring equal access for all individuals.
KeyBank Foundation has awarded a $300,000 grant to the Genesis Community Loan Fund to enhance resources aimed at alleviating affordable housing barriers in Maine. This three-year funding initiative will provide no-cost professional assistance to BIPOC-led organizations and entrepreneurs, promoting project planning, financing, and development. The Genesis Fund aims to create at least 120 new affordable housing units through this support. KeyBank's investment will focus on Southern Maine, addressing a critical housing crisis by connecting community developers with essential resources. The Genesis Fund, a nonprofit Community Development Financial Institution, has a 30-year history of facilitating over $80 million in loans for affordable housing and community projects.
KeyBank is celebrating the 55th anniversary of the Fair Housing Act by enhancing access to homeownership through its Special Purpose Credit Programs. Despite previous efforts, many underserved communities still face challenges in mortgage lending. KeyBank has introduced the Key Opportunities Home Equity Loan, offering affordable refinancing options and a lower interest rate for qualifying properties. The Home Buyer Credit program has been increased from $2,500 to $5,000 to assist with closing costs. Since its inception, $465,000 has been allocated to help 132 clients. Furthermore, KeyBank plans to invest over $25 million in grants and marketing to boost mortgage lending in majority-minority neighborhoods.
KeyBank Community Development Lending and Investment has secured $83 million for the acquisition and rehabilitation of Woodway Square Apartments, a 240-unit affordable housing project in Austin, Texas. The financing comprises an equity bridge loan of approximately $18.2 million, a $40 million construction to permanent loan, and $24 million in Low-Income Housing Tax Credit equity.
The project will serve families earning no more than 60% of the area median income, with a total project cost of $72 million for rehabilitation. KeyBank's efforts are supported by local programs aimed at assisting low-income persons with disabilities through rental assistance.
KeyBank has announced a $250,000 donation from the KeyBank Foundation aimed at supporting the Farmer School at Miami University. This donation will provide scholarships for underrepresented students, enhance academic advising, wellness, and tutoring, and assist in curriculum development focused on cyber security, analytics, and financial modeling. The donation reflects KeyBank's long-standing partnership with the Farmer School, totaling over $500,000 in investments to support students in pursuing careers in banking and finance, as stated by KeyCorp's CEO, Christopher Gorman.
KeyBank Foundation has announced a $1 million investment to enhance workforce development programs at the Buffalo Center for Arts & Technology (BCAT). This funding aims to support underserved communities and is part of KeyBank's broader commitment to invest $40 billion in the areas it serves. The BCAT program has successfully graduated over 250 adults in four years, focusing on careers in health, technology, and landscape sectors. KeyBank's ongoing efforts since 2017 include over $1 billion in investments in Buffalo, targeting affordable housing and community development.
BOSTON, MA / ACCESSWIRE / March 29, 2023 / Arctaris Impact Fund has secured a new $10 million warehouse line of credit from KeyBank's Community Development Lending and Investment group. This funding will bridge the gap between investment and long-term financing for projects that foster job creation and economic empowerment in underserved communities. The Fund, boasting an A senior credit rating and BBB bond rating, focuses on small businesses, infrastructure, and affordable housing. Jonathan Tower of Arctaris expressed confidence in the positive impact of KeyBank's investment on sustainable business growth in marginalized areas.
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