Company Overview Visit keybank.com website
The KeyCorp company, also known as KeyBank National Association, is a bank holding company based in Cleveland, Ohio. It is the 12th largest commercial bank in the United States with assets of $78.6 billion and total deposits of USD$44.9 billion at March 31, 2013.
The decision to be a major American bank holding company was reached in 1983 after a series of acquisitions by Society Corporation ("Socony"). The formation was announced on January 28th 1984 and completed on 11th September 1984. At the time it was formed it had "assets of approximately US$ 45billion, 122 operating facilities and 1,300 full-service branches".
From 2004 to 2009 KeyBank expanded rapidly through acquisitions from other banks including First Niagara Financial Group, which was announced on June 22nd, 2009. In 2010 KeyCorp bought 51 branches from Target Corporation's closure of their money market accounts and transferred their certificate of deposit accounts to other banks.
In May 2011 it received US$88million from the Emergency Economic Stabilization Act of 2008 through the Small Business Lending Fund to increase credit for small businesses and in July 2011 it was required by the Troubled Asset Relief Program (TARP) to give a 5% dividend payment preference to the United States Treasury when distributing dividends . It did however buy back USD$1billion in shares in February 2012.