KeyBank

KeyBank

Reviews, evaluations and opinions of our experts on the products and services that appear on this page are totally objective and independent. Some products may be from our partners who compensate us, which may influence where and how they are displayed. Advertising disclosure.

More info of KeyBank

The United States is one of the most important economies in the world thanks to the development of its banks, credit unions and savings institutions of great renown.

KeyBank is a one of the biggest institution within the U.S. financial system, so we tell you a little about its past and present.

You may be interested in: TD Bank product reviews

KeyBank nowadays

At the moment, KeyBank NA is considered the 19th largest bank in the country in terms of available assets.

As a subsidiary of KeyCorp, it has more than 1,000 branches established in 16 U.S. states: Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, Virginia and Washington.

The history of its beginnings goes back almost 200 years, making it one of the oldest institutions. As a banking entity, it has several divisions that offer services related to commercial and personal banking, consumer finance, wealth management and investment vehicles.

Its community division serves individuals and SMEs in different categories. Its corporate department is focused on middle market clients in sectors such as real estate, technology, energy, health, among others.

Birth of KeyBank

KeyBank as we know it today represents a merger between Key Bank Inc. of Albany (NY) and Society Corporation of Cleveland (OH).

This event took place in 1994 and meant that this institution was considered the 10th largest in the United States. This has changed somewhat, but it is still ranked in the top 20.

Commercial Bank of Albany

Founded in 1825, it is one of the main branches that would form the basis for KeyCorp.

Its name was changed in 1865 to National Commercial Bank of Albany and remained a modest entity until the late 1970s, when it changed its name to Key Bank Inc. Then came a series of acquisitions in the following decade.

You may be interested in: Truist Bank product information and reviews

This expansion process extended from New York to states such as Massachusetts, Maine and Vermont. However, the company decided to embrace other less explored markets in the Northwest, buying banks in Alaska, Idaho, Oregon, Utah, Wyoming and Washington. This raised assets from $3 billion to $15 billion between 1985 and 1990.

As the recession of the 1990s hit other institutions, KeyBank focused on buying failed businesses, keeping staff and avoiding costly technological upgrades.

This strategy allowed it to amass some 700 offices in the states it operated and remain profitable before the pre-internet era.

Society National Bank

The other part of KeyCorp was Savings for Funds, a mutual fund bank that had its beginnings in Cleveland during the 19th century (1867). The curious thing about this company was its conservative approach, which lasted about 100 years.

By 1949, it had only one office and 200 million in deposits, which saved it from the financial problems that plagued other institutions.

Society for Savings became a public company in 1958, which prompted the acquisition of 12 community banks through 1978 and a name change to Society National Bank.

This growth would continue through 1989 with the purchase of several smaller banks and other mergers, bringing the institution to levels of greater national recognition.

The final step in Society National Bank's consolidation was the purchase of Trustcorp (1990) and Cleveland Trust in 1991. The latter company had been one of the largest banks in Ohio between 1940 and 1907, giving Society the status of a regional bank.

This was complemented by Cleveland's successful corporate model and recognized talent.

Formation of KeyCorp

During the fall of 1993, both KeyBank and Society National Bank began talks to consider a merger between the two institutions.

At the time, each needed to improve its projections and were on the same plane financially; Society was the 25th largest bank in the country and Key was the 29th largest in terms of assets to its credit.

Although the merger was announced in October 1993, regulatory approval came in March 1994. It was a move that did not require the sale of many agencies and served to balance the weaknesses that each entity had been carrying.

This transformation resulted in KeyCorp, which is now headquartered in Cleveland, Ohio.

The union of a decentralized model with 2 banking networks and a more centralized one (Society) was the beginning of an exponential growth.

During the end of the 20th century and the beginning of the 21st century, its strategies of acquisitions, sales and other investments catapulted the brand. That's why today it is ranked as the 19th largest in the United States.

KeyBank can become that essential ally for your personal or business finances. However, if you want to investigate other equally recognized options, you can count on Busconomico's comparator for this task.

Español: Productos del banco KeyBank