KeyBank invests $197 million locally under community benefits plan
The Buffalo News, May 10, 2019: KeyBank invests $197 million locally under community benefits plan
KeyBank’s new East Side branch is getting ready to open next month, and its neighbors are noticing.
“They are emailing us pictures of the branch progress,” said Kawanza A. Humphrey, Key’s regional corporate responsibility officer. “Our awning went up (this week) and we immediately got a picture from a community member.”
The new branch is a visible piece of the five-year national community benefits plan that Key launched at the start of 2017. The $16.5 billion plan, which was unveiled as Key was preparing to acquire First Niagara Bank in 2016, touches markets in all 15 states where Key operates.
In Western New York, Key made about $197 million worth of investments under the plan in 2018, bringing the plan’s two-year local total to $337.4 million. The investments took a variety of forms, including loans and grants, aimed at spurring economic growth in low- to moderate-income communities in particular.
Nationally, Key has made $7.1 billion worth of investments through the first two years of the plan. The bank says that total was 38% above its target.
Key developed its national plan in conjunction with the National Community Reinvestment Coalition.